Eli Lilly makes $3.8 billion bet on psychedelic drugs

Eli Lilly will acquire a psychedelic drug developer for up to $3.8 billion, focusing on AtaiBeckley’s BPL-003 nasal spray in late-stage trials for treatment-resistant depression. Analysts project annual sales of $1-$2 billion if the drug succeeds. The company aims to leverage psychedelic chemicals for psychiatric treatments, though challenges in placebo-controlled trials and past industry scandals remain.