Eli Lilly to Pay $38 Per Share for Centessa in $7.8B Deal
Eli Lilly will acquire Centessa Pharmaceuticals for $38 per share in cash, equating to an upfront $6.3 billion with up to $7.8 billion including $9 per-share contingent payments for regulatory milestones. The deal, representing a 40.5% premium, grants Lilly control of Centessa’s OX2R agonist narcolepsy pipeline and broader neuroscience candidates.
1. Deal Terms and Valuation
Eli Lilly will acquire Centessa Pharmaceuticals for $38 per share in cash, equating to an upfront $6.3 billion and up to $7.8 billion including $9 per-share contingent payments tied to regulatory milestones. The offer represents a 40.5% premium over Centessa’s 30-day volume-weighted average price.
2. Narcolepsy Pipeline Acquisition
The transaction gives Lilly full ownership of Centessa’s orexin receptor 2 agonist pipeline, including cleminorexton, a candidate described as potentially best-in-class for narcolepsy types 1 and 2, as well as idiopathic hypersomnia, alongside earlier-stage neuroscience and neuropsychiatric programs.
3. Strategic Rationale
Lilly Neuroscience leadership views orexin receptor biology as a compelling mechanistic opportunity in neuroscience and anticipates that combining teams will accelerate development of Centessa’s pipeline at greater speed and scale to address sleep-wake disorders.
4. Timeline and Closing
The acquisition is structured to close in the third quarter, integrating Centessa’s research teams and assets into Lilly’s neuroscience division once regulatory approvals are secured.