Peter Thiel-backed psychedelic start-up increases stake in Compass Pathways

- Advertisement -


  • Atai bought another 420,000 shares of Compass Pathway in recent days, taking its stake in the company from 19.4% to 20.4%.
  • The new shares were bought at approximately $31 each, meaning Atai paid a total of $12 million.
  • According to a source close to the companies, Atai is planning to increase its stake in Compass Pathways to 29 per cent in the coming weeks.

- Advertisement -

Atai Life Sciences, a Peter Thiel-backed start-up that seeks to use psychedelic drugs to treat mental health conditions, has increased its stake in fellow drug developer Compass Pathway.

- Advertisement -

Atai bought another 420,000 shares of Compass Pathway in recent days, taking its stake in the company from 19.4% to 20.8%.

The new shares were purchased at approximately $31 each and Atai paid a total of $12 million.

- Advertisement -

Atai, which is already the largest Compass Pathway shareholder, plans to increase its stake in Compass Pathway to 29% in the coming weeks, according to a source close to the companies, who prefers to remain anonymous as discussions are underway. is private.

Atai’s founder and president, Christian Engermeyer, told Businesshala on Monday that he believes Compass Pathway to be one of the most undervalued and influential biotech stocks.

Compass Pathway, in which Thiel has also invested, wants to use psilocybin (a compound found in magic mushrooms) to treat depression. It debuted on the Nasdaq stock exchange last September and has a current market value of $1.4 billion.

Meanwhile, Atai listed on the Nasdaq in June, raising $225 million at a valuation of $2.3 billion. The stock immediately gained 40%, but has since halved its value and Atai’s current market cap is $1.7 billion.

Atai, which describes itself as a drug development platform, was founded to acquire, develop and develop psychedelics and other drugs that can be used to treat depression, anxiety, addiction and other mental health conditions. can be done for.

There has been an increasing interest in some psychedelics lately. clinical studies suggested that some may help patients with multiple mental illnesses, either in combination with traditional solutions or in cases where nothing else works.

“Current Treatment” [for mental health issues] Those that are out there are definitely not enough,” company co-founder Angermeier told Businesshala in a previous interview.

“I don’t want to say that they don’t work at all because some people are helped by them, but they are not enough.”

According to the World Health Organization, around one billion people worldwide suffer from mental health problems.

,

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox