Selected work · Pre-IPO access
Access before the IPO.
Acquired by Eli Lilly.
We sourced an allocation in atai Life Sciences’ oversubscribed pre-IPO round in 2020. Its successor, AtaiBeckley, was subsequently acquired by Eli Lilly, the world’s most valuable pharmaceutical company by market capitalization.
Total announced acquisition value, including contingent milestone payments.
The sequence matters.
2020 · Private access.
Ideal sourced an allocation in an oversubscribed pre-IPO round.
2021 · Public markets.
atai Life Sciences listed on NASDAQ.
July 2026 · Strategic acquisition announced.
Lilly announced its agreement to acquire AtaiBeckley for approximately $2.8 billion upfront, plus up to $1 billion in contingent milestone payments.
September 11, 2026 · Acquisition completed.
Lilly announced the successful completion of the acquisition.
What Ideal brought.
Access to an allocation when the round was oversubscribed. The relationship and the opportunity came before the public listing and the subsequent strategic acquisition.
Ideal sourced the pre-IPO allocation. Lilly’s subsequent acquisition combined upfront consideration with contingent milestone payments.
The public record.
Lilly’s acquisition announcement and consideration terms, July 16, 2026 →
Lilly’s completion announcement, September 11, 2026 →
The public announcements below document the acquisition and its terms. The contingent payments depend on specified development and regulatory milestones.
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