Thiel-Backed Psychedelic Drugmaker Atai to Buy Rival Beckley (1)

Atai Life Sciences NV agreed to buy full control of smaller UK rival Beckley Psytech Ltd.and raised $30 million in fresh equity, as it seeks to cement its position as one of the leading makers of psychedelic drugs for mental-health conditions.

The German company, which acquiredabout a 36% stake in Beckley last year, will purchase the remaining shares in an all-stock deal, it said in a statement Monday. The transaction values Oxford-based Beckley at about $390 million, it said.

Billionaire Peter Thiel invested in Atai in 2020. Beckley investors will get roughly 31% of the combined business, which ...