Key Highlights
- On June 24, 2026, Eli Lilly finalized its purchase of Centessa Pharmaceuticals, offering $38 cash per share.
- Investors received additional non-transferable contingent value rights worth up to $9 per share.
- CNTA shares were removed from Nasdaq trading, making Centessa a fully owned Lilly entity.
- Complete management restructuring occurred, with all previous executives and directors exiting.
- The transaction valued the biotech company at around $7.8 billion, focusing on sleep disorder therapeutics.
On June 24, 2026, Eli Lilly finalized its takeover of Centessa Pharmaceuticals, delivering $38 in cash for each share — alongside contingent value rights potentially worth an additional $9 per share — in a transaction totaling approximately $7.8 billion.
The deal was executed via Lilly’s LDH XV Corporation subsidiary, following UK court approval through a scheme of arrangement granted on June 22, 2026.
Centessa Pharmaceuticals plc, CNTA
CNTA stock reached a record peak of $40.26 before the deal closure, representing a 183% surge over the previous year based on price alone, with total returns climbing 209%.
At its peak, Centessa’s valuation reached $6.22 billion — indicating investors had already priced in the impending transaction.
Effective June 24, Centessa transitioned into a completely owned Lilly subsidiary. Former stockholders forfeited all ownership privileges, receiving solely the agreed-upon deal compensation.
The biotech firm promptly initiated procedures to remove its American Depositary Shares from Nasdaq and cease its public disclosure requirements.
Concurrently with the closing, Centessa settled and canceled its loan and security arrangement with Oxford Finance and associated lenders.
Complete Management Transition
The acquisition prompted a comprehensive executive shake-up. Every senior leader and board member at Centessa exited upon deal completion.
Lilly appointed two fresh directors to constitute the replacement board. The company’s at-the-market equity distribution program was simultaneously discontinued.
Centessa’s transformation is now finalized — evolving from a publicly traded, independent biotech into a wholly integrated division within Lilly’s organizational framework.
Wall Street’s Take
Financial analysts had already adjusted their positions to mirror the transaction terms. Following the acquisition announcement, Truist Securities lowered CNTA from Buy to Hold, establishing a $38 price objective — matching the cash payment.
Wolfe Research executed a comparable adjustment, revising its stance from Outperform to Peerperform.
The latest analyst assessment on CNTA shows a Hold rating with a $42 target price — marginally exceeding the deal value, factoring in possible CVR distributions.
Lilly’s acquisition strategy focuses on strengthening its portfolio in sleep disorder therapeutics, a segment where Centessa had been developing promising programs.
The Alkermes correlation deserves attention: upon initial announcement of the Centessa transaction, Alkermes stock surged 13%, demonstrating wider market enthusiasm for the sleep disorder treatment arena.
With delisting procedures finalized and Centessa completely integrated, CNTA shares are no longer available for public trading.
