M&A · Healthcare · Pharmaceutical Preparations
Eli Lilly & Co to acquire AtaiBeckley Inc.
Announced Jul 16, 2026 · Closed Sep 11, 2026
Deal value$2.80BEV $2.92B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$6.75 per share
Transaction
- Acquirer
- Eli Lilly & Co (LLY)
- Target
- AtaiBeckley Inc. (ATAI)
- Buyer type
- Strategic
- Offer price per share
- $6.75
- Enterprise value
- $2.92B
- Status
- Closed Sep 11, 2026
Deal protections
- Break fee (target pays)
- $104M · 3.7%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Moelis, Centerview
- Moelis fee
- $1.5M
Sector context · Healthcare
- Comparable deals
- 100 in the prior 24 months
- Premium
- Sector median 49.0%
- EV / Adj. EBITDA
- Sector median 10.9x
- Break fee
- 3.7% vs. 3.5% sector median
Timeline
- AnnouncedJul 16, 2026
- Proxy filedJul 30, 2026
- Definitive proxyAug 10, 2026
- Shareholder voteSep 8, 2026
- ClosedSep 11, 2026
Valuation · fairness opinions
Discounted cash flowCenterview$6.10$7.65
Analyst price targetsCenterview$7.00$25.00
Premiums paidCenterview$7.95$11.35
Other analysisMoelis$0.85$0.90
Discounted cash flowMoelis$6.22$8.87
52-week trading rangeMoelis$2.65$6.45
Analyst price targetsMoelis$7.00$25.00
Offer $6.75
Implied value per AtaiBeckley Inc. share by analysis, from Centerview and Moelis · DCF discount rate 14%–16%.