Peter Thiel-Backed Psychedelic Firm Atai Sets Terms For US IPO, Sees $2.3B Valuation

Atai Life Sciences B.V., backed by billionaire investor Peter Thiel, has announced terms for its initial public offering.
See the SEC prospectus here.
The German company said it was looking to raise around $214.3 million through a U.S. IPO, targeting a valuation of about $2.3 billion.
The biotech startup, which explores the use of psychedelic treatments for mental health disorders, said it planned to sell around 14.29 million shares priced between $13 and $15 per share.
Launched in 2018, Atai has raised $362.3 million in cash so far.
Atai will be listed on the NASDAQ and will trade under the ticker symbol “ATAI.”
The company has built a pipeline of 10 development programs and six enabling technologies, each supported by its internal development and operational infrastructure.
One of its companies, Recognify Life Sciences, has initiated a Phase 2a trial in the U.S.
The company expects to initiate a Phase 2 trial for another program in 2021 and an additional three Phase 2 trials for other programs in 2022.
In April, the company filed to raise $100 million in an IPO.