Eli Lilly agreed to acquire AtaiBeckley for $2.8 billion upfront, with potential total value rising to about $3.8 billion tied to development and regulatory milestones. The deal gives Lilly a foothold in psychedelic-based mental health therapeutics, with AtaiBeckley’s lead program BPL-003 (mebufotenin benzoate) in Phase 2b testing for treatment-resistant depression. Lilly will pay $6.75 per share in cash at closing, plus a contingent value right potentially worth up to $2.50 per share linked to milestones for two lead compounds. The transaction further extends Lilly’s recent acquisition streak as the company diversifies beyond its cardiometabolic franchises. The agreement also reinforces how big pharma is moving deeper into faster-evolving regulatory and development pathways for psychedelic-related assets, which have required more complex evidence packages than traditional CNS drugs.