ATAI Life Sciences, a biotech platform focused on psychedelics and underused therapies for psychiatric disorders, announced terms for its IPO on Friday.
The Berlin, Germany-based company plans to raise $200 million by offering 14.3 million shares at a price range of $13 to $15. At the midpoint of the proposed range, ATAI Life Sciences would command a fully diluted market value of $2.3 billion.
ATAI was founded as a response to unmet need and lack of innovation in the mental health treatment landscape, as well as the emergence of therapies that previously may have been overlooked or underused, including psychedelic compounds and digital therapeutics. 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 US. ATAI expects to initiate a Phase 2 trial for another program in 2021 and an additional three Phase 2 trials for other programs in 2022.
ATAI Life Sciences was founded in 2018 plans to list on the Nasdaq under the symbol ATAI. Credit Suisse, Citi, Cowen, Berenberg, Cantor Fitzgerald, RBC Capital Markets, and Canaccord Genuity are the joint bookrunners on the deal.
