Eli Lilly & Co. reportedly holds advanced discussions to acquire psychedelic drug developer AtaiBeckley. A deal announcement could occur as soon as this week. Negotiations seek a premium over AtaiBeckley's market value. AtaiBeckley's market value stood at approximately $2 billion before the news. Its shares soared in after-hours trading.
The acquisition would broaden Lilly's neuroscience portfolio. Lilly boasts a long history in neuroscience, featuring drugs like Prozac. AtaiBeckley develops treatments for mental health conditions. Its lead candidate is BPL-003. BPL-003 is a fast-acting nasal spray for treatment-resistant depression. The U.S. Food and Drug Administration granted it Breakthrough Therapy designation.