Key PointsEli Lilly finalized the AtaiBeckley (ATAI) acquisition on September 11, 2026Shareholders of AtaiBeckley were compensated with $6.75 cash per share alongside one contingent value right (CVR)The CVR structure enables additional payments reaching $2.50 per share contingent on achieving clinical and regulatory targetsShares of AtaiBeckley climbed approximately 80% during the six-month period preceding the transaction close, ending at $7.35The company has initiated delisting procedures from Nasdaq, submitting Form 25 for stock removal[[LINK_START_1]]Eli Lilly (LLY)[[LINK_END_1]] successfully completed its takeover of AtaiBeckley Inc. (ATAI) on Friday, September 11, 2026. The biotech firm now functions as a fully controlled subsidiary within Lilly’s corporate structure.Eli Lilly and Company, LLYThe transaction structure provided AtaiBeckley shareholders with $6.75 cash per share alongside one CVR per share. The immediate equity valuation totaled roughly $2.8 billion.Additional consideration through CVRs could reach $2.50 per share, potentially elevating the complete transaction value to $3.8 billion. These conditional payments depend on achieving designated clinical development and regulatory approval benchmarks during specified timeframes.The milestone payment structure includes: up to $1.00 per share if VLS-01 enters Phase 3 trials within a four-year window, up to $0.50 per share following U.S. regulatory approval and DEA rescheduling of BPL-003 within five years, and up to $1.00 per share after U.S. approval and DEA rescheduling of VLS-01 within seven years.These CVRs cannot be transferred or traded on public exchanges. They provide no ownership stake or shareholder voting privileges.AtaiBeckley shares closed at $7.35 when the transaction finalized, modestly exceeding the $6.75 direct cash payment, indicating market expectations regarding potential CVR payouts. The stock experienced an approximately 80% gain throughout the six months before deal completion.AtaiBeckley’s Strategic Value for LillyAtaiBeckley specializes in creating rapid-acting neuroplastogen therapies designed for mental health disorders. The company’s primary pipeline asset, BPL-003, addresses treatment-resistant depression.According to Carole Ho, who leads neuroscience initiatives at Lilly, the acquisition aligns with objectives to transition from chronic dosing regimens toward faster-acting therapeutic options for patients experiencing inadequate responses to current treatments.Wall Street Response Showed Divergent ViewsFollowing the initial deal announcement, financial analysts offered varied perspectives. Multiple investment banks including Deutsche Bank, H.C. Wainwright, and Jefferies reduced their ratings on AtaiBeckley shares.Deutsche Bank revised its stance to Hold from Buy, reducing the price target to $8.00 from $12.00. H.C. Wainwright shifted to Neutral from Buy, dramatically lowering its target to $7.50 from $25. Jefferies similarly adjusted to Hold, bringing its target down to $7.50 from $10.00.Oppenheimer maintained a contrarian position, preserving an Outperform rating alongside a $16.00 price target.AtaiBeckley’s shareholder base voted to approve the transaction during a special meeting conducted prior to deal closure.The entire AtaiBeckley board of directors and executive leadership resigned effective at closing. Leadership positions have been filled by officers and directors from Merger Sub, a Lilly subsidiary entity.Corporate governance documents including the certificate of incorporation and bylaws underwent amendments consistent with merger agreement provisions. All outstanding equity compensation programs were terminated when the deal closed.AtaiBeckley formally notified Nasdaq of the completed merger and submitted a request for trading suspension. The company has requested Nasdaq to file Form 25 with the SEC for formal delisting procedures. Additionally, AtaiBeckley intends to submit Form 15 to terminate its SEC reporting requirements.LLY shares decreased 0.33% during the trading session, closing at $1,119.26.The post Eli Lilly (LLY) Finalizes $2.8B AtaiBeckley Acquisition for Depression Treatment Pipeline appeared first on Blockonomi.