J&J and AbbVie reviewed AtaiBeckley data but couldn't beat Lilly's $2.8B deal for the psychedelics company and maker of rapid-acting depression drug BPL-003.

Eli Lilly's acquisition of psychedelic drug maker AtaiBeckley extends Big Pharma's embrace of a stigmatized class of medications for treating mental health.

Eli Lilly's acquisition of AtaiBeckley for up to $3.8 billion, marks a pivotal moment for psychedelic medicine.