Eli Lilly to Acquire Centessa for $6.3B and Syntessa for Up to $7.8B
Eli Lilly will acquire Centessa Pharmaceuticals at $38 per share in cash plus up to $9 CVR, valuing the deal at $6.3 billion upfront and up to $7.8 billion including milestones, and purchase sleep-drug developer Syntessa for up to $7.8 billion. These moves add Centessa’s sleep-wake pipeline asset cleminorexton and Syntessa’s narcolepsy treatments to Lilly’s neuroscience business, marking its largest acquisition since 2019 and diversifying beyond metabolic drugs.
1. Centessa Acquisition Details
Eli Lilly will acquire Centessa Pharmaceuticals for $38 per share in cash plus a contingent value right worth up to $9 per share, representing an upfront valuation of $6.3 billion and up to $7.8 billion including milestone payments. The transaction adds cleminorexton, currently in clinical trials for narcolepsy type 1, type 2 and idiopathic hypersomnia, to Lilly’s neuroscience pipeline.
2. Syntessa Acquisition and Strategic Impact
Lilly will purchase Syntessa, a sleep disorder drug developer, in a deal valued at up to $7.8 billion. This marks Lilly's largest acquisition since 2019 and strengthens its presence in neuroscience by adding late-stage sleep-wake disorder assets alongside its existing metabolic and weight-loss portfolio.
3. Market Reaction and Analyst Commentary
Following the announcements, Centessa shares jumped about 45% in early trading while Lilly shares rose roughly 2.9%. BMO Capital maintained an Outperform rating with a $1,300 price target, highlighting that these deals diversify revenue ahead of potential patent expirations in Lilly’s metabolic franchise.