As the pipeline of novel psychedelics has grown, so has pharma and biotech interest in partnering/investing with others who are developing new psychedelics. Although established pharma and biotech companies see significant potential to both improve the lives of patients and reach corporate growth ambitions, there are sometimes challenges to the psychedelic space – for example, intellectual property limitations or FDA scheduling – that can impact the willingness of companies to engage with would-be partners. This combination of opportunities and challenges has become the lens that companies large and small look through when analyzing whether and how they look to acquire, fund, or partner for growth into psychedelics. In this fireside chat, we will explore how pharma and biotech companies are assessing business development opportunities in psychedelics.