Eli Lilly Bets Up to $3.8B on a Psychedelic Nasal Spray for Depression
Eli Lilly agreed to buy AtaiBeckley for as much as $3.8 billion, its biggest foray into psychedelics yet. The prize is BPL-055, an intranasal 5-MeO-DMT formulation that eased treatment-resistant depression after a single in-clinic dose, with effects persisting for months. It already carries FDA Breakthrough Therapy Designation and is entering Phase 3. For a pharma built on GLP-1s, this is a signal that mental health is the next blockbuster bet.