Acquisition of Centessa Pharmaceuticals by Eli Lilly
Eli Lilly and Company (NYSE: LLY) completed its acquisition of Centessa Pharmaceuticals plc (Nasdaq: CNTA) on 24 June 2026. The transaction, valued at approximately $7.8 billion, was approved by the High Court of Justice of England and Wales on 22 June 2026. The deal terms include $38.00 in cash per share and a non‑transferable contingent value right (CVR) that may award up to an additional $9.00 per share upon the achievement of three specified milestones, bringing the total potential transaction value to $7.8 billion.
Centessa is a clinical‑stage pharmaceutical company that develops orexin receptor 2 agonists for the treatment of narcolepsy and other sleep‑wake disorders. The company’s portfolio focuses on therapies that target the orexin system, which regulates wakefulness, alertness and sleep stability. Eli Lilly’s acquisition is intended to strengthen its neuroscience pipeline, particularly in areas related to excessive daytime sleepiness and other neurological conditions.
The transaction was announced by Centessa on 31 March 2026 and subsequently approved by the court on 22 June 2026. On the same day, market activity reflected the acquisition approval: Centessa’s shares reached an all‑time high of $40.26 USD, shortly after the announcement. By 22 June, the closing price was $40.50 USD, close to the 52‑week high of $40.56 USD. The acquisition has been described by Lilly executives as a strategic addition that complements its existing neuroscience portfolio.
The deal was finalized on 24 June 2026, with the statement released by PR Newswire. The announcement highlighted the potential impact of orexin‑targeted treatments on patients with narcolepsy and other disorders where disrupted sleep plays a significant role. Carole Ho, Lilly executive vice president and president of Lilly Neuroscience, emphasized the unmet need in this therapeutic area and the depth of Centessa’s clinical portfolio.
Key points of the transaction:
| Item | Detail |
|---|---|
| Transaction value | Approximately $7.8 billion |
| Cash per share | $38.00 |
| Contingent value right | Up to $9.00 per share contingent on milestone achievement |
| Court approval | High Court of Justice of England and Wales, 22 June 2026 |
| Completion date | 24 June 2026 |
| Centessa’s focus | Orexin receptor 2 agonists for narcolepsy and related sleep‑wake disorders |
The acquisition marks a significant expansion of Eli Lilly’s neuroscience strategy and adds a novel therapeutic class to its pipeline.
