Eli Lilly moved deeper into psychedelic psychiatry, agreeing to acquire AtaiBeckley in a cash-and-contingent-milestone deal valued at $2.8 billion upfront and up to $3.8 billion. AtaiBeckley’s lead program, BPL-003 (mebufotenin benzoate), is in pivotal testing for treatment-resistant depression. The acquisition adds a late-stage intranasal psychedelic candidate to Lilly’s neuroscience portfolio, expanding beyond the company’s cardiometabolic base. The structure includes $6.75 per share in cash plus a contingent value right tied to development and regulatory milestones for two AtaiBeckley compounds. The move underscores how large biopharma is repositioning as regulators open pathways for psychedelic medicines with more specialized evidence packages and oversight requirements than standard CNS drugs.