ATAI Life Sciences, a biopharmaceutical company that makes psychedelic drugs to treat mental health disorders, announced that it will raise $100 million U.S. in an initial public offering (IPO).
The Berlin, Germany-based company, which counts billionaire investor Peter Thiel as one of its main backers, submitted an S-1 filing to the U.S. Securities and Exchange Commission to hold the IPO. The filing shows that ATAI has already raised $362.3 million U.S. from private investors.
It is planning to sell its shares on the tech-focused NASDAQ stock exchange under the ticker symbol "ATAI." A date for the IPO has not yet been set. Underwriters for the IPO include Credit Suisse, Citigroup, Cowen and Berenberg.
ATAI, which describes itself as a "drug development platform," was set up to acquire, incubate and develop psychedelics and other drugs that can be used to treat depression, anxiety, addiction and other mental health conditions.
The company, which has roughly 50 staff in offices across Berlin, New York and San Diego, is currently partnered with 14 companies focusing on drug development and other technologies. In exchange for a majority stake in the drugs and technologies they’re developing, ATAI helps the scientists to raise money, work with the regulators, and conduct clinical trials.
None of ATAI’s drugs have been formally approved by regulators to date. Peter Thiel made a $12 million U.S. investment in ATAI through his venture firm, Thiel Capital, in November 2020. Compass Pathways, which Peter Thiel has also invested in, listed on the New York’s NASDAQ stock exchange last September and now has a valuation of $1.3 billion U.S.
