Atai Life Sciences, a leading biotech company specializing in psychedelic medicines, announced on Monday that it will be merging with the private psychedelic startup Beckley Psytech. This merger is contingent on the results of a trial for a drug that is based on the practice of “smoking toad.”
The newly formed company will operate under the name Atai Beckley, with Beckley Psytech shareholders receiving 31% of shares in the merged entity. The deal values Beckley at $370 million and comes at a time when the Trump Administration has shown support for the psychedelic medicine field.
Beckley Psytech’s flagship program involves the development of a synthetic, intranasal form of 5-meo-dmt, a compound found on a toad species native to the Sonoran Desert in Mexico and the southwestern United States. The practice of “smoking toad” has gained popularity in recent years, with notable figures like Hunter Biden and Mike Tyson endorsing its benefits. However, concerns have been raised about the impact on the long-term welfare of the amphibians, leading to efforts to create synthetic alternatives.
This groundbreaking merger between Atai Life Sciences and Beckley Psytech highlights the growing interest and investment in psychedelic medicines. By combining their expertise and resources, the new entity, Atai Beckley, aims to further advance research and development in this evolving field.
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