Eli Lilly acquires AtaiBeckley for $2.8B

Eli Lilly and Company has agreed to acquire Atai Life Sciences, a clinical-stage biopharmaceutical company focused on psychedelic-based mental health treatments, for an initial $2.8 billion in cash ($6.75 per share), with potential milestone payments of up to $1 billion ($2.50 per share) tied to the development and regulatory approval of Atai Life Sciences's lead programs BPL-003 and VLS-01. The total deal value could reach $3.8 billion. The acquisition gives Lilly access to BPL-003, a synthetic 5-MeO-DMT nasal spray for treatment-resistant depression, which has completed a Phase 2b study showing rapid and durable antidepressant effects and has initiated Phase 3 activities. The deal is expected to close in the third quarter of 2026, subject to stockholder and regulatory approvals. This acquisition is part of Lilly's aggressive expansion strategy, having spent over $10 billion on acquisitions in 2025, funded by its blockbuster weight-loss and diabetes drug franchise. The deal also reflects growing regulatory support for psychedelic therapies, including an executive order by President Donald Trump in April 2026 to accelerate research and patient access.