Eli Lilly agreed to acquire biopharmaceutical firm AtaiBeckley for up to $3.8 billion. The deal marks Lilly’s first major expansion into the psychedelic drug market.
The acquisition centers on BPL-003, an intranasally delivered synthetic formulation of 5-MeO-DMT. Lilly aims to bolster its neuroscience pipeline for treatment-resistant depression.
Analysts expect this move to catalyze further investment and M&A activity across the biotech sector. This transaction follows Lilly’s 2026 acquisitions of sleep disorder and gene therapy companies.