GHRS - Atai Invests $50M In Beckley Psytech For Short-Duration Psychedelics Development | Benzinga
Biopharma and resources-pooling company Atai Life Sciences (NASDAQ: ATAI) has invested a total of $50 million in Beckley Psytech Ltd., a U.K.-based clinical-stage biotech advancing short-duration psychedelics for neuropsychiatric conditions.
Following the investment -$40 million direct and an additional $10 million in secondary share purchases from existing shareholders. Beckley Psytech will remain an independent, private company, with Atai owning 35.5% of it.
Upon closing, Atai will receive 1:1 warrant coverage at a 30% premium on primary issuances, have the right to appoint and hold 3 of 9 seats in Beckley’s board of directors and hold a time-limited right of first refusal on future company sale, asset sales or other transfer of commercial rights as well as an indefinite right of first negotiation for BPL-003 and ELE-101.
Atai’s Bets
The strategic investment and collaboration seek to accelerate the development of Beckley’s two clinical-stage, patent-protected, short-duration psychedelic candidates, BPL-003 and ELE-101, by adding them to atai’s mental health innovation platform.
BPL-003 is a novel, short-duration, intranasal formulation of 5-MeO-DMT (or mebufotenin) currently assessed for Treatment-Resistant Depression (TRD) and Alcohol Use ...