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Big Pharma is taking another trip into psychedelics.
On Thursday, Eli Lillyannouncedan agreement to buy the psychedelic drugmaker AtaiBeckley for $2.8 billion upfront and pay up to $1 billion more if certain conditions are met.
The deal gives the world's largest pharmaceutical company access to BPL-003, AtaiBeckley's psychedelic-based nasal spray that studies have shown reduces treatment-resistant depression with a single dose, as competitors expand their footprints in the space.
"We have validation that we are achieving what so many people thought was impossible: Psychedelics have reached mainstream awareness and acceptance," Christian Angermayer, founder, largest shareholder and chairman of AtaiBeckley's board, said in apost on X.
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READ ALSO:Wall Street Balks at TSMC's $100 Billion Bet on Growing AI DemandandLackluster Retail Sales Mask a (Short-Lived) Silver Lining The buzz around Eli Lilly in recent years has been dominated by the explosive surge of its blockbuster weight-loss and diabetes drugs Mounjaro and Zepbound.
But while the company continues to make strides in that arena, it has parlayed the financial growth of those treatments into a bold push into the future of medicine.
In May, for instance, a flush-with-cash Lilly announcedthree acquisitionsmeant to boost its infectious disease portfolio.
Its legacy includes introducing Prozac, arguably the best-known antidepressant, in the late 1980s, and its first medicine to treat Alzheimer's disease in 2024.
Its latest foray into neuroscience comes just after the White Houseorderedthe Food and Drug Administration in April to fast-track research and approvals for psychedelics.
The acquisition is just the latest evidence that the drug class has transitioned from a speculative biotechnology boom to a space in which Big Pharma is ready to invest time and money: In October, AbbVie bought Gilgamesh Pharmaceuticals' lead drug Bretisilocin, which is designed to treat major depressive disorder, for up to $1.2 billion.
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