Thursday, May 13, 2021
HomeTechnologyPeter Thiel-backed psychedelics firm to raise $100 million

Peter Thiel-backed psychedelics firm to raise $100 million

Peter Thiel, co-founder of PayPal Inc.VCG | Getty ImagesATAI Life Sciences, a biopharmaceutical company aiming to make psychedelic drugs to treat mental health disorders, announced that it is planning to raise $100 million in an initial public offering.The Berlin-headquartered company, which counts billionaire investor Peter Thiel as one of its main backers, submitted an S-1 filing to the Securities and Exchange Commission on Tuesday.The filing shows that ATAI has raised an aggregate of $362.3 million from private investors so far.It is planning to sell its shares on New York’s tech-focused Nasdaq market under the symbol ATAI. A date for the IPO has not been set.Underwriters for the IPO include Credit Suisse, Citigroup, Cowen, and Berenberg.ATAI, which describes itself as a drug development platform, was set up to acquire, incubate and develop psychedelics and other drugs that can be used to treat depression, anxiety, addiction and other mental health conditions.The company — founded in 2018 by entrepreneurs Christian Angermayer, Florian Brand, Lars Wilde and Srinivas Rao — is yet to have any drugs formally approved by regulators.

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