Thiel-Backed Psychedelics Firm Hits $2 Billion Valuation (1)

Atai Life Sciences AG, a German startup looking into ways of using psychedelic substances to treat mental-health disorders, has been valued at about $2 billion in a funding round ahead of its potential listing, people familiar with the matter said.

Berlin-based Atai plans to hire Credit Suisse Group AG and Citigroup Inc. for a potential U.S. initial public offering that could take place as early as the second quarter, the people said, asking not to be identified because the information is private.

The company confirmed in a statement it raised $157 million in a Series D financing round led ...