Benzinga | Jun 11, 2021 02:51PM EDT

Peter Thiel-Backed Psychedelic Firm Atai Sets Terms For US IPO, Sees $2.3B Valuation

* Atai Life Sciences B.V., backed by billionaire investor Peter Thiel, has announced terms for its initial public offering.

* See the SEC prospectus here.

* The German company said it was looking to raise around $214.3 million through a U.S. IPO, targeting a valuation of about $2.3 billion.

* The biotech startup, which explores the use of psychedelic treatments for mental health disorders, said it planned to sell around 14.29 million shares priced between $13 and $15 per share.

* Launched in 2018, Atai has raised $362.3 million in cash so far.

* Atai will be listed on the NASDAQ and will trade under the ticker symbol "ATAI."

* The company has built a pipeline of 10 development programs and six enabling technologies, each supported by its internal development and operational infrastructure.

* One of its companies, Recognify Life Sciences, has initiated a Phase 2a trial in the U.S.

* The company expects to initiate a Phase 2 trial for another program in 2021 and an additional three Phase 2 trials for other programs in 2022.

* In April, the company filed to raise $100 million in an IPO.