Thiel-backed psychedelics firm Atai valued at $3.19 bln in Nasdaq debut (updated)

AtaiBeckley

18/06/2021 16:45

(Adds details on offering, background)
    June 18 (Reuters) - Shares of Atai Life Sciences B.V.
 ATAI.O , backed by billionaire investor Peter Thiel, jumped 40%
in their U.S. stock market debut on Friday, giving the German
psychedelics startup a market capitalization of $3.19 billion.
    The Berlin-based biotech startup, which is exploring the use
of psychedelic treatments for mental illnesses, raised $225
million from selling 15 million shares in its upsized initial
public offering (IPO) on Thursday.
    The company's shares opened at $21, compared with their IPO
price of $15 apiece. 
    Atai was co-founded in 2018 by German investor Christian
Angermayer, an advocate of the benefits of using psychedelics
such as psilocybin to treat depression, anxiety and substance
use disorders. The German startup has backed several companies
developing such therapies.
    Psilocybin, the psychedelic active compound in magic
mushrooms, was found to be at least as effective as
escitalopram, a leading antidepressant drug, in a study by
British scientists.  urn:newsml:reuters.com:*:nL1N2M71RD
    Atai was considering floating its shares in the United
States in May, Reuters reported in March, citing a source close
to the matter.  urn:newsml:reuters.com:*:nL5N2L155H
    Its debut comes at a time when U.S. IPOs have already raised
$171 billion in the first six months of the year, scorching past
the 2020 record of $168 billion, according to data from
Dealogic.  urn:newsml:reuters.com:*:nL3N2N841W
     Credit Suisse, Citigroup, Cowen and Berenberg were the lead
underwriters for the offering.
    
      

 (Reporting by Sohini Podder and Niket Nishant in Bengaluru;
Editing by Devika Syamnath)
 ((sohini.podder@thomsonreuters.com;))