AbbVie bets $1.2B on psychedelic breakthrough for depression

AbbVie is acquiring rights to Gilgamesh Pharmaceuticals’ psychedelic depression drug, bretisilocin, in a deal worth up to $1.2 billion.

Why it matters: Bretisilocin showed a striking 94% remission rate in a phase 2 trial for major depressive disorder (MDD), positioning AbbVie to lead in a high-risk, high-reward area of mental health treatment.

Backstory: Gilgamesh designed bretisilocin to target the 5-HT2A receptor with a shorter half-life than traditional psychedelics, making it compatible with a two-hour in-clinic treatment model. AbbVie opted to buy the program instead of the whole company.

Big picture: This move underscores Big Pharma's growing interest in psychedelic-based therapies, as they seek novel approaches to treat psychiatric disorders. AbbVie adds bretisilocin to its neuroscience portfolio, already bolstered by the drug Vraylar and the acquisition of Cerevel Therapeutics.

What’s next: Gilgamesh will spin off the rest of its R&D assets into a new entity, Gilgamesh Pharma. This pipeline includes an NMDA receptor antagonist, an ibogaine analog, and M1/M4 agonist.