Centessa Pharmaceuticals plc (NASDAQ:CNTA) is a U.K.-based clinical-stage biotechnology company focused on developing orexin receptor 2 (OX2R) agonists for the treatment of sleep-wake disorders and related neurological conditions.
On March 31, 2026, Eli Lilly and Company announced a definitive agreement to acquire Centessa in a transaction valued at up to approximately $7.8 billion. The deal offers Centessa shareholders $38.00 per share in cash (representing an equity value of ~$6.3 billion and a premium of roughly 38–40.5% to the pre-announcement price) plus one non-transferable contingent value right (CVR) per share.
The CVR could deliver up to an additional $9.00 per share (potential aggregate value of ~$1.5 billion), tied to the following FDA approval milestones for cleminorexton (formerly ORX750) or ORX142:
The transaction is expected to close in the third quarter of 2026, subject to shareholder approval, court sanction in England and Wales, regulatory clearances, and other customary conditions.
Following the announcement, Centessa shares surged approximately 44–45%, trading as high as $40.00 (a new all-time high) with unusually high volume exceeding 47 million shares on March 31. The stock has continued trading near $39.70–$40.00 in subsequent sessions.
Leerink Partners reiterated a "Market Perform" rating on Centessa while raising its price target to $40.00 (from $36.00), aligning closely with the deal's upfront value. Increased call option activity also signaled heightened investor interest and speculation around the transaction.
The acquisition provides Eli Lilly with a promising pipeline of OX2R agonists, led by cleminorexton, currently in mid-stage (Phase 2) trials for narcolepsy type 1, narcolepsy type 2, and idiopathic hypersomnia. This move strategically expands Lilly’s neuroscience portfolio into the sleep medicine space, complementing its strengths in metabolic diseases.
