Pharma BD Deal Intelligence

Eli Lilly and Company / Centessa Pharmaceuticals plc

2026 · Acquisition/Merger · $7.8B · Pending

Eli Lilly agreed to acquire Centessa Pharmaceuticals for $38/share (~$6.3B equity) plus up to $1.5B in CVR payments ($7.8B total), gaining OX2R agonist cleminorexton with Phase 2a best-in-class data across narcolepsy T1/T2 and idiopathic hypersomnia. Sell-side frames the orexin class as a $15-20B market opportunity. Structured as a UK scheme of arrangement; the deal has de-risked since announcement: the HSR antitrust waiting period expired May 21, 2026 and the English High Court cleared a scheme shareholder meeting for June 12, 2026, with court sanction still to follow. Still pending; expected close Q3 2026.

Key facts

• Announced Mar 31, 2026
• Deal value $7.8B
• Deal type Acquisition/Merger
• Therapeutic area Narcolepsy type 1/2 and idiopathic hypersomnia (sleep-wake disorders)
• Indications Narcolepsy type 1/2 and idiopathic hypersomnia (sleep-wake disorders)
• Key assets Cleminorexton (ORX750; orexin receptor 2 agonist)
• Mechanism Orexin receptor 2 (OX2R) selective agonist for disorders of impaired wakefulness

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