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Eli Lilly and Company (LLY) has agreed to acquire Centessa Pharmaceuticals plc (CNTA) to expand its footprint in neuroscience and sleep disorder treatments.
The deal targets Centessa’s pipeline of experimental therapies for the treatment of excessive daytime sleepiness and related neurological conditions.
Under the agreement, Lilly will purchase all outstanding shares of Centessa for $38 per share in cash, along with a contingent value right (CVR) that could increase the total consideration to $47 per share. The transaction values Centessa at roughly $6.3 billion upfront, and the CVR could add roughly $1.5 billion in additional equity value.
Following the announcement, Centessa Pharmaceuticals’ stock traded over 46% higher in Tuesday’s premarket.
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