AtaiBeckley Shares Surge as Eli Lilly Seals $3.8B Acquisition Deal

Eli Lilly and Co (NYSE:LLY) on Thursday agreed to acquire AtaiBeckley Inc. (NASDAQ:ATAI) in a deal that values the clinical-stage mental health biotechnology company at up to approximately $3.8 billion, strengthening Lilly’s portfolio of rapid-acting therapies for treatment-resistant depression and other psychiatric disorders.

Deal Includes Cash Payment And Milestone-Based Rights

Lilly will pay AtaiBeckley shareholders $6.75 per share in cash. Shareholders will also receive a contingent value right (CVR) worth up to an additional $2.50 per share if specified development and regulatory milestones are achieved for BPL-003 and VLS-01.

The upfront cash consideration values AtaiBeckley at approximately $2.8 billion, while the CVR could add up to about $1.0 billion in additional value.

Lilly Adds Clinical-Stage Neuroplastogen Pipeline

AtaiBeckley is developing a portfolio of rapid-acting neuroplastogens designed to restore synaptic plasticity—the brain’s ability to form and strengthen neural connections involved in mood regulation.

The company’s approach differs from conventional antidepressants, which primarily target neurotransmitter levels.

Its lead candidate, BPL-003 (mebufotenin benzoate), is an intranasal synthetic form of 5-MeO-DMT being developed for treatment-resistant depression.

The company is also advancing VLS-01, a buccal film formulation of DMT, in a Phase 2b clinical study.

Lead Depression Program Advances Toward Phase 3

According to the companies, BPL-003 produced rapid and durable reductions in depressive symptoms in a Phase 2b study following an in-clinic treatment session lasting about two hours on average. The treatment’s benefits persisted for months.

The U.S. Food and Drug Administration has granted BPL-003 Breakthrough Therapy Designation, and the program has initiated Phase 3 activities. VLS-01 remains in Phase 2b clinical development.

Broader Mental Health Portfolio

Beyond BPL-003 and VLS-01, AtaiBeckley is developing EMP-01, an (R)-MDMA HCl therapy for social anxiety disorder that is currently in Phase 2 clinical development.

The company is also advancing a discovery program focused on identifying novel, non-hallucinogenic 5-HT2AR agonists as potential mental health treatments.

ATAI Stock Price Activity: AtaiBeckley shares were up 32.93% at $7.13 at the time of publication on Thursday, according to Benzinga Pro data.

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