STAT examines big pharma's growing appetite for psychedelic drugs

Sector coverage (AbbVie / Gilgamesh, Compass Pathways) (CMPS) — A STAT feature analyzed why large drugmakers are warming to psychedelics after AbbVie's late-August agreement to buy Gilgamesh Pharmaceuticals' bretisilocin for up to $1.2 billion, the first purchase of an investigational psychedelic by a major pharma company.

Compass Pathways CEO Kabir Nath called the deal validation for the sector. The piece framed a shift in sentiment that investors in public names like Compass, Cybin and atai were watching closely.

Source: statnews.com

For the rest of that week's sector news, read our week in review.