Eli Lilly and Company and Centessa Pharmaceuticals plc, a clinical-stage company developing a new class of medicines for treating excessive daytime sleepiness and other neurological conditions, today announced a definitive agreement for Lilly to acquire Centessa in a deal valued at approximately $6.3 billion.
The upfront cash consideration represents an aggregate equity value of approximately $6.3 billion and the CVR represents an additional potential aggregate equity value of approximately $1.5 billion.The upfront cash consideration amounts to roughly $6.3 billion in total equity value, while the CVR signifies an additional potential equity value of about $1.5 billion.
Carole Ho, EVP of Lilly Neuroscience, told investors, “Orexin receptor biology represents one of the most compelling mechanistic opportunities in neuroscience as a direct intervention on the master switch of the sleep-wake cycle. Centessa has assembled a portfolio with the breadth and depth to improve wakefulness across a broad array of indications. Joining forces with Centessa colleagues means we can now pursue that potential at the speed and scale it deserves.”
Mario Alberto Accardi, PhD, Chief Executive Officer of Centessa and Founder of the Orexin Program said, “By combining Centessa’s team and capabilities with Lilly’s global complementary research, clinical, regulatory and commercial capabilities, we will seek to accelerate the advancement of our orexin portfolio across a broad range of neuroscience indications for the benefit of patients in need. I’m incredibly proud of what our team has achieved and deeply grateful to the investigators, study participants, employees and shareholders who have made our progress possible. This milestone reflects not only the strength of our science, but also the transformative potential of our orexin portfolio for patients who urgently need new solutions.”
The deal is expected to close in the third quarter.
By CEO NA Editorial Staff
