Thiel-Backed Psychedelic Drugmaker Atai to Combine With Beckley

Atai Life Sciences NV agreed to buy full control of smaller UK rival Beckley Psytech Ltd. and raised $30 million in fresh equity, as it seeks to cement its position as one of the leading makers of psychedelic drugs for mental health conditions.

The German company, which acquired about a 36% stake in Beckley last year, will purchase the remaining shares in an all-stock deal, it said in a statement Monday. The deal values Oxford-based Beckley at about $390 million, according to the statement.