Eli Lilly has agreed to acquire AtaiBeckley in a $2.8 billion upfront transaction, with potential additional milestone payments that could bring total deal value up to $3.8 billion. The acquisition places Lilly in psychedelic-based psychiatry anchored by AtaiBeckley’s lead BPL-003 program in a Phase IIb study for treatment-resistant depression, aiming to expand Lilly’s neuroscience pipeline beyond its GLP-1-dominant cardiometabolic footprint.