Eli Lilly to Acquire AtaiBeckley in $2.8 Billion Mental Health Deal

The acquisition centers on AtaiBeckley’s lead asset, BPL-003, a synthetic form of 5-MeO-DMT administered intranasally. In Phase 2b clinical trials, the treatment showed promise in providing durable symptom reduction after a single two-hour session. The therapy works by targeting synaptic plasticity—the brain's ability to form new neural connections—offering a biological mechanism distinct from traditional drugs that focus solely on neurotransmitter regulation. The U.S. Food and Drug Administration has granted BPL-003 Breakthrough Therapy Designation, and the program has already entered Phase 3 development.

Under the terms of the agreement, Lilly will pay $6.75 per share in cash, with an additional $2.50 per share tied to Contingent Value Rights (CVR). These payments are linked to specific regulatory and development milestones for BPL-003 and the company’s secondary program, VLS-01, a buccal film formulation of DMT currently in Phase 2b testing. The total potential value of the CVRs is roughly $1 billion. The transaction, which includes support from AtaiBeckley’s directors and major shareholders, is expected to close in the third quarter of 2026, pending regulatory and stockholder approval.