Lilly to Buy Psychedelic Firm AtaiBeckley for Up to $3.8 Billion

Sam Fazeli, Bloomberg Intelligence, Director of Research: Healthcare, Defence, Industrials & Autos, joined Bloomberg's Paul Sweeney and Scarlet Fu to dissect the latest in biotech sector, specifically Lilly going psychedelic and Merck attacking cholesterol. Eli Lilly & Co. agreed to buy AtaiBeckley Inc. for as much as $3.8 billion, underscoring growing interest from large drugmakers in the once-fringe area of psychedelic medicine.  Lilly will pay $6.75 a share in cash plus as much as another $2.50 a share if drug-development milestones are met, according to a statement Thursday. The base price is 26% above where AtaiBeckley shares closed Wednesday. The announcement confirms a report by Bloomberg News that the companies were nearing a deal.