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After years at the speculative edge of drug development, psychedelic medicine has its first large-cap anchor.
Eli Lilly has agreed to acquire AtaiBeckley for up to $3.8 billion, a deal that establishes a valuation reference point the sector has never had and triggers repricing across a late-stage cohort carrying clinical data into the second half of 2026.
Helus Pharma, listed on Nasdaq, sits in that cohort. A reference point the sector did not have Large pharmaceutical companies have been conspicuously absent from this space as acquirers.
The Eli Lilly and AtaiBeckley agreement changes that.
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