MDMA-Assisted Therapy

Eli Lilly & Co. will pursue slightly larger acquisitions, along the lines of its $7.8 billion purchase of Centessa Pharmaceuticals Plc, as it searches for assets in the "white spaces" of science, Chief Executive Officer Dave Ricks said. Lilly, now the world's largest pharmaceutical company, has been on a record spending spree funded by its weight-loss and diabetes shots, and Ricks told Bloomberg that reinvesting in human health is more attractive than buying back shares or issuing dividends. He pointed to infectious disease, women's health and psychiatric conditions as areas of opportunity, noting the company acquired three vaccine-makers for as much as $3.8 billion earlier this year and recently agreed to buy psychedelics firm AtaiBeckley Inc. for about the same price. Lilly has completed about 40 deals so far this year, with a total value of more than $20 billion, the highest ever in a single year according to Bloomberg-compiled data. Ricks said the company favors more mature assets when they address brand new problems, a shift from its historical focus on earlier-stage, cheaper drugs.