Eli Lilly to Acquire AtaiBeckley in a $2.8 Billion Deal

Eli Lilly and Company (LLY) entered a merger agreement on July 16, 2026, to acquire AtaiBeckley Inc. (ATAI) in a deal valued at $2.8 billion.

Deal Structure:

Lilly will acquire all outstanding shares of AtaiBeckley common stock for $6.75 per share in cash, plus up to $2.5 per share in the form of a Contingent Value Right (CVR) entitling the holder to additional cash payments upon achievement of specified development and regulatory milestones related to the BPL-003 and VLS-01 programs:

1. $1 per share upon initiation of a Phase 3 clinical trial of VLS-01 before the fourth anniversary of closing;
2. $0.5 per share upon U.S. regulatory approval and DEA rescheduling of BPL-003 before the fifth anniversary of closing; and
3. $1 per share upon U.S. regulatory approval and DEA rescheduling of VLS-01 before the seventh anniversary of closing.

The cash consideration of $6.75 per share represents a premium of 25.93% from the stock’s last close.

Company Profile:

AtaiBeckley is a clinical-stage biopharmaceutical company developing novel therapies for treatment-resistant depression (TRD) and other mental health disorders. Its pipeline includes clinical-stage psychedelic and non-hallucinogenic compounds, with lead candidate BPL-003 in Phase 3 development and additional programs targeting depression, social anxiety disorder, schizophrenia-related cognitive impairment, and other neuropsychiatric conditions.

Eli Lilly is a global pharmaceutical company that discovers, develops, manufactures, and commercializes medicines for a wide range of diseases. Its portfolio includes treatments for diabetes, obesity, cancer, Alzheimer’s disease, autoimmune disorders, and neurological and mental health conditions.

Deal Details and Timeline:

AtaiBeckley is developing a pipeline of rapid-acting neuroplastogens, including several drugs in clinical development and additional next-generation candidates in discovery. Its lead drug, BPL-003 (mebufotenin benzoate), is a synthetic version of 5-MeO-DMT delivered as a nasal spray. It is being developed to treat TRD, a condition that affects millions of people in the United States.

Research suggests that TRD and other serious mental health conditions may be linked to reduced brain plasticity, the brain’s ability to form and strengthen connections between nerve cells. AtaiBeckley’s therapies are designed to restore these connections and encourage the growth of new neural pathways. This approach is different from traditional antidepressants, which mainly work by changing the levels of brain chemicals called neurotransmitters.

In a Phase 2b clinical trial, BPL-003 showed rapid and long-lasting improvements in depression symptoms after a single treatment given during an in-clinic visit that lasted about two hours on average. The benefits continued for several months. Based on these results, the U.S. Food and Drug Administration (FDA) granted BPL-003 Breakthrough Therapy Designation, and the program has now entered Phase 3 development.

The company’s second most advanced program, VLS-01, is a buccal film (placed inside the cheek) containing DMT and is currently being evaluated in an ongoing Phase 2b clinical trial.

The merger is expected to close in the third quarter.

Apeiron Investment Group and all of AtaiBeckley’s directors and officers have signed voting and support agreements to approve the transaction. Together, the shares covered by these agreements represent approximately 15% of AtaiBeckley’s outstanding common stock.

AtaiBeckley was advised by Moelis & Co, Centerview Partners, and Citi as financial advisors, and by Latham & Watkins as legal counsel. Eli Lilly received financial advice from Goldman Sachs and legal counsel from Ropes & Gray.

Deal Metrics:

For a more comprehensive look at the specifics of this merger and acquisition transaction, visit the Deal Metrics page here:
Deal Metrics for the acquisition of AtaiBeckley Inc. (ATAI) by Eli Lilly and Company (LLY)

The Deal Metrics page for each merger or acquisition includes:

• A timeline chart illustrating the merger’s progress from announcement to completion or termination.
• A record of every event as the merger undergoes the HSR period, regulatory approvals, shareholder votes, and more.
• News updates and SEC filings related to the merger.
• A history of deal updates.
• And much more.

Disclaimer: This article is meant for informational purposes only. Please conduct your own research before transacting any securities mentioned in this article. The accuracy or completeness of the data or content provided in this article is not guaranteed.

Editor’s Note: Baranjot Kaur contributed to this article