AbbVie’s quiet acquisition of Gilgamesh Pharmaceuticals, reportedly worth close to $1 billion, did more than make headlines. It signaled something far more significant: Big Pharma has officially entered the psychedelic-adjacent chat.
For years, mental health innovators have been working on a new class of therapies, compounds that mimic the neuroplasticity promoting effects of psychedelics without the hallucinogenic experience. These molecules, often labeled “non-hallucinogenic psychoplastogens” or “neuroplastogens,” were largely considered too early, too experimental, or too fringe to attract serious acquisition interest. Until now.
With one deal, AbbVie reshaped the M&A landscape. And now, investors and pharma scouts alike are asking the same question: who’s next?
All Eyes on Enveric
A compelling answer may lie in Cambridge, Massachusetts, where Enveric Biosciences (NASDAQ: ENVB) has been steadily advancing a program that, until recently, flew under the radar.
Enveric’s lead compound, EB-003, is a non-hallucinogenic derivative of DMT designed to promote neuroplasticity for the treatment of depression, PTSD, and other neuropsychiatric conditions. Last week, the company announced it had successfully completed 7-day dose range finding (DRF) studies in two preclinical species, an important step toward initiating first-in-human trials.
While early stage safety studies rarely make headlines, this one matters. EB-003 is part of a new pharmacological class Enveric is calling neurostabilogens, compounds that engage both 5-HT₂A and 5-HT₁B receptors to rebalance neural signaling without triggering the psychedelic experience. It’s a mechanism designed with clinical reality in mind: no trips, no clinic supervision, no psychedelic baggage.
And that’s exactly what makes it attractive.
The Next M&A Wave Is Coming
AbbVie’s move reflects a growing recognition that the market for mental health therapeutics is due for reinvention. Traditional antidepressants are slow, blunt, and increasingly inadequate for a global mental health crisis. Psychedelics showed promise, but with hallucinogenic side effects, complex regulatory pathways, and high clinic overhead, scalability has remained a challenge.
Enter the non-hallucinogenic psychedelic. The field has quietly evolved from mystical experience to molecular precision, and now, it’s squarely in Big Pharma’s crosshairs.
But Gilgamesh wasn’t the only company building in this space. Delix Therapeutics has been a pioneer in the non-hallucinogenic psychoplastogen arena. Beckley Psytech and Mindstate Design Labs are also working on next-gen compounds with differentiated mechanisms. Even COMPASS Pathways, once focused solely on psilocybin, is broadening its chemistry portfolio.
Enveric, however, brings something unique to the table.
What Makes Enveric Different
Unlike some of its peers, Enveric has designed its compound specifically for real-world clinical use. It is orally bioavailable, meaning it can be taken as a daily medication, not administered under supervision. Its mechanism sidesteps hallucinogenic effects altogether. And most critically, it’s already completed preclinical safety studies and is preparing for IND-enabling work.
That combination, strong science, a clear clinical path, and a mechanism that sidesteps regulatory hurdles, could make Enveric a prime candidate for acquisition or partnership.
In an interview following the DRF results, Enveric CEO Dr. Joseph Tucker emphasized the company’s focus on building not just a compound, but a new class of medicine.
“We believe EB-003 represents the beginning of a new pharmacological category,” he said. “Our goal isn’t just to innovate. It’s to deliver a mental health therapy that’s scalable, safe, and clinically transformative.”
Final Thoughts
Gilgamesh getting acquired wasn’t surprising. The surprise was who made the move first.
AbbVie’s decision to buy into the psychedelic-inspired future of mental health will not be the last. More deals are coming. More strategic partnerships are already being negotiated behind closed doors. And as the field matures, those companies that have designed for the future, not just for the trip, are best positioned to lead.
Enveric Biosciences may not have made waves yet. But in the post-Gilgamesh world, it may not be long before it becomes pharma’s next big bet.
