TLDR
- Eli Lilly completed its acquisition of AtaiBeckley (ATAI) on September 11, 2026
- AtaiBeckley shareholders received $6.75 per share in cash, plus one contingent value right (CVR)
- CVRs could pay out up to an additional $2.50 per share if clinical and regulatory milestones are met
- AtaiBeckley’s stock was up roughly 80% over the six months leading into the deal’s close, trading at $7.35
- AtaiBeckley has begun the delisting process from Nasdaq, with a Form 25 filed to remove its stock
Eli Lilly (LLY) officially closed its acquisition of AtaiBeckley Inc. (ATAI) on Friday, September 11, 2026. AtaiBeckley now operates as a wholly owned subsidiary of Lilly.
Under the merger terms, each AtaiBeckley share was converted into $6.75 in cash, plus one CVR. The total upfront equity value of the deal came to approximately $2.8 billion.
CVRs could add up to $2.50 more per share, pushing the potential total transaction value to $3.8 billion. Those payments are tied to specific clinical and regulatory milestones over the coming years.
The milestone breakdown is as follows: up to $1.00 per share if a Phase 3 trial of VLS-01 begins within four years, up to $0.50 per share upon U.S. approval and DEA rescheduling of BPL-003 within five years, and up to $1.00 per share upon U.S. approval and DEA rescheduling of VLS-01 within seven years.
CVRs are non-transferable and will not be listed on any exchange. They do not carry equity or voting rights.
AtaiBeckley’s stock traded at $7.35 at the time of closing, slightly above the $6.75 cash consideration, reflecting the market’s view on the potential CVR value. The stock had risen roughly 80% in the six months before the deal closed.
What AtaiBeckley Brings to Lilly
AtaiBeckley is focused on developing rapid-acting neuroplastogens for mental health conditions. Its lead program, BPL-003, targets treatment-resistant depression.
Lilly’s neuroscience president Carole Ho said the goal is to move away from chronic dosing toward faster-acting treatments for patients who haven’t responded to existing therapies.
Analyst Reactions Were Mixed
When the deal was first announced, analyst reactions were split. Deutsche Bank, H.C. Wainwright, and Jefferies all downgraded AtaiBeckley following the acquisition announcement.
Deutsche Bank moved to Hold from Buy, cutting its target to $8.00 from $12.00. H.C. Wainwright dropped to Neutral from Buy, slashing its target to $7.50 from $25. Jefferies also moved to Hold, lowering its target to $7.50 from $10.00.
Oppenheimer was the outlier, keeping an Outperform rating and a $16.00 price target.
The deal was approved by AtaiBeckley shareholders at a special meeting held before closing.
All of AtaiBeckley’s board members and executive officers stepped down at closing. Officers and directors from Merger Sub, a Lilly subsidiary, have taken over those roles.
The company’s certificate of incorporation and bylaws were amended in line with the merger agreement. All existing equity incentive plans were terminated at closing.
AtaiBeckley has notified Nasdaq of the merger completion and requested a suspension of trading in its stock. Nasdaq has been asked to file a Form 25 with the SEC to delist the stock. The company also plans to file a Form 15 to end its SEC reporting obligations.
LLY stock was down 0.33% on the day, trading at $1,119.26.
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