Eli Lilly to acquire BIOG portfolio company, AtaiBeckley Inc.

17 July 2026

THE BIOTECH GROWTH TRUST PLC

("BIOG" or the "Company")

Eli Lilly to acquire BIOG portfolio company, AtaiBeckley Inc.

The Company notes the announcement on Thursday, 16 July 2026 that Eli Lilly and Company has announced its intention to acquire BIOG portfolio company, AtaiBeckley Inc. ("AtaiBeckley") for approximately $2.8 billion, or $6.75 a share, in cash representing a 26% premium to AtaiBeckley's closing price on Wednesday, 15 July 2026.  

The offer also includes an additional approximately $1 billion in contingent value right payments which are based on AtaiBeckley achieving certain development and regulatory milestones; if met, the aggregate purchase price would total $3.8 billion, or $9.25 per share, representing a 73% premium.

AtaiBeckley is a clinical-stage biotechnology company focused on the development of drugs for the treatment of psychiatric disorders.   BPL-003 (mebufotenin benzoate nasal spray), AtaiBeckley's lead program, was granted Breakthrough Therapy Designation from the U.S. Food and Drug Administration and has initiated Phase 3 activities for treatment-resistant depression.

The Company's holdings in AtaiBeckley represented 1.1% of the Company's net asset value ("NAV") at the time of the announcement.   The transaction will be reflected in the Company's NAV as at close of business on 16 July, 2026, which will be announced on Friday. 17 July 2026.

This acquisition is the latest in a series of successful M&A outcomes across the portfolio this year - following Avidity Biosciences, Cidara Therapeutics, Amicus Therapeutics, Apellis Pharmaceuticals, KalVista Pharmaceuticals, Esperion Therapeutics and Nuvalent, Inc - which have contributed meaningfully to the Company's performance. It reinforces the conviction that investing in innovative small and mid-cap biotechnology companies, where much of the sector's breakthrough science is taking place, can create substantial value for shareholders over the long term.

Geoff Hsu of OrbiMed Capital LLC, Portfolio Manager of The Biotech Growth Trust PLC, commented:

"AtaiBeckley is developing innovative treatments for psychiatric disorders, an area of significant unmet medical need. Its lead programme, BPL-003, has shown encouraging progress and results and has the potential to offer a differentiated treatment option for patients with treatment-resistant depression.

"Eli Lilly's acquisition represents another successful outcome for BIOG and further validates our investment strategy. We continue to focus on identifying innovative biotechnology companies capable of delivering important new medicines and creating substantial value for shareholders, whether through clinical success, commercial execution or strategic transactions such as this."

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Enquiries:

SEC Newgate (George Esmond)

Public Relations

020 3757 6894

Frostrow Capital LLP

Company Secretary

020 3709 8734

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