Eli Lilly and Company and AtaiBeckley, a clinical-stage biopharmaceutical company developing innovative therapeutics for mental health conditions, announced a definitive agreement for Lilly to acquire AtaiBeckley.
AtaiBeckley is advancing a pipeline of rapid-acting neuroplastogens, including multiple clinical-stage programs and a discovery pipeline of next-generation compounds. The lead asset, BPL-003, is a synthetic form of 5-MeO-DMT administered intranasally for treatment-resistant depression, which affects millions of people in the United States. AtaiBeckley’s therapies are designed to restore synaptic connectivity and promote the growth of new neural connections, offering a distinct mechanism from conventional antidepressants that primarily target neurotransmitter levels.
In a Phase 2b study, BPL-003 demonstrated rapid and durable reductions in depressive symptoms following an in-clinic visit lasting approximately two hours on average, with beneficial effects persisting for months. The therapy has been granted Breakthrough Therapy Designation by the U.S. Food and Drug Administration and has initiated Phase 3 activities. VLS-01, the pipeline’s second most advanced program, is a buccal film formulation of DMT advancing in an ongoing Phase 2b study.
Under the terms of the agreement, Lilly will acquire all outstanding shares of AtaiBeckley common stock for $6.75 per share in cash upon closing, plus up to $2.50 per share in the form of a Contingent Value Right entitling the holder to additional cash payments upon achievement of specified development and regulatory milestones related to the BPL-003 and VLS-01 programs. The upfront cash consideration represents an aggregate equity value of approximately $2.8 billion, with the Contingent Value Right representing an additional potential aggregate equity value of approximately $1.0 billion.
The transaction is not subject to any financing condition and is expected to close in the third quarter, subject to approval by AtaiBeckley stockholders and other customary closing conditions, including regulatory approvals. The purchase price payable at closing represents a premium of approximately 40% to the 30-day volume-weighted average trading price of AtaiBeckley’s common stock ended on July 15, 2026. Goldman Sachs is acting as exclusive financial advisor and Ropes & Gray is acting as legal counsel to Lilly, while Moelis & Company LLC and Centerview Partners LLC are acting as financial advisors and Latham & Watkins is acting as legal counsel to AtaiBeckley.
KEY QUOTES:
“Treatment-resistant depression persists even after multiple treatments have failed. Millions of people are still searching for relief and desperately need a therapy that works.”
“Advancing AtaiBeckley’s investigational therapies gives us a real chance to change that.”
Carole Ho, Executive Vice President and President, Lilly Neuroscience
“Across our portfolio, we’re seeking to demonstrate that psychiatric illness is treatable at its biological root, not just its symptoms.”
“Lilly’s expertise and reach are expected to accelerate that work for people whose conditions have not responded to existing treatments.”
Srinivas Rao, Co-Founder and Chief Executive Officer, AtaiBeckley
“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.”
Christian Angermayer, Founder, Largest Shareholder, and Chairman of the Board, AtaiBeckley
