Biotech start-ups raise millions for psychedelic mental health drugs

Biotech start-ups are raising hundreds of millions to develop psychedelic drugs for mental health treatment. In January, they raised at least $163mn across five deals, the second-highest month of fundraising ever. Investors like Temasek and Mubadala are showing interest. Psychedelics have gained acceptance, and clinical data and regulatory approvals are expected this year. The sector is experiencing a revival, with over 50 public companies in the US having a combined valuation of more than $2bn.