Eli Lilly and Company has entered into a definitive agreement to acquire clinical-stage biopharmaceutical company AtaiBeckley in a deal valued at up to $3.8 billion, expanding its neuroscience pipeline with investigational therapies for treatment-resistant depression and other serious mental health conditions.
The acquisition strengthens Lilly’s mental health portfolio by adding AtaiBeckley’s pipeline of rapid-acting neuroplastogens, including its lead candidate BPL-003, an intranasal synthetic 5-MeO-DMT therapy currently advancing toward Phase 3 development for treatment-resistant depression. The company is also developing VLS-01, a buccal film formulation of DMT that is being evaluated in a Phase 2b clinical trial.
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BPL-003 has demonstrated rapid and durable reductions in depressive symptoms in a Phase 2b study and has received Breakthrough Therapy Designation from the U.S. Food and Drug Administration (FDA). The therapies are designed to restore synaptic connectivity in the brain, offering a novel approach beyond conventional antidepressants.
“From Atai’s founding, our mission has been to bring transformative mental health treatments to the patients who need them most. Joining Lilly gives this pipeline, and the patients waiting for it, the benefit of the resources and scale Lilly has to potentially advance therapies faster than we could alone. I am confident this transaction represents the best path forward for patients and shareholders,” said Christian Angermayer, founder, largest shareholder, and chairman of the board, AtaiBeckley.
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Under the agreement, Lilly will acquire all outstanding AtaiBeckley shares for $6.75 per share in cash, with additional contingent value rights tied to future clinical and regulatory milestones. The transaction, which has been approved by the boards of both companies, is expected to close in the third quarter of 2026, subject to shareholder and regulatory approvals.
“Across our portfolio, we’re seeking to demonstrate that psychiatric illness is treatable at its biological root, not just its symptoms,” said Srinivas Rao, co-founder and chief executive officer of AtaiBeckley. “Lilly’s expertise and reach are expected to accelerate that work for people whose conditions have not responded to existing treatments.”
