We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

Frankfurt — A healthcare investment firm that’s backing studies of “magic mushrooms” to treat depression raised $25m of capital and may consider an initial public offering (IPO) next year, according to people familiar with the matter. Atai Life Sciences is close to announcing the fundraising with lead backers Christian Angermayer, a German investor, as well as PayPal co-founder Mike Novogratz and Icelandic entrepreneur Thor Björgólfsson, said the people, who asked not to be named because the matter isn’t public yet. Atai owns a substantial stake in UK start-up Compass Pathways, which is conducting clinical trials of psilocybin, a psychedelic compound in magic mushrooms, as a treatment for depression. Atai also is the largest shareholder of Innoplexus, which operates a technology platform that uses artificial intelligence to identify tailored treatments for diseases. Atai is already in talks with banks about a potential listing in Canada next year, a step for which it seeks a valuati...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now

Would you like to comment on this article?
Register (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.

Commenting is subject to our house rules.