Key Highlights
- On June 24, 2026, Eli Lilly finalized its takeover of Centessa Pharmaceuticals, delivering $38 cash per share to investors.
- Investors received additional non-transferable contingent value rights worth as much as $9 per share.
- CNTA shares were removed from Nasdaq trading, with Centessa becoming a full Lilly subsidiary.
- A complete management shake-up occurred, with all existing executives and directors stepping down.
- The transaction placed Centessa’s valuation 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 per share alongside contingent value rights potentially worth $9 per share — a transaction totaling approximately $7.8 billion.
The buyout was executed via Lilly’s acquisition vehicle, LDH XV Corporation, after receiving court approval under a United Kingdom scheme of arrangement dated June 22, 2026.
Centessa Pharmaceuticals plc, CNTA
Shares of CNTA reached a record peak of $40.26 before the deal closed, marking a 183% price surge over the trailing twelve months and a 209% gain when including total returns.
At its peak, Centessa commanded a market valuation of $6.22 billion — a figure that captured investor anticipation of the imminent transaction completion.
Upon the June 24 effective date, Centessa transitioned into a wholly controlled Lilly entity. Previous stockholders relinquished all ownership interests, receiving exclusively the agreed-upon deal proceeds.
The company promptly moved to withdraw its American Depositary Shares from Nasdaq and discontinue its SEC reporting requirements.
Centessa simultaneously settled and closed its loan and security arrangement with Oxford Finance and associated creditors as part of the transaction finalization.
Complete Management Exodus
The acquisition initiated a comprehensive executive restructuring. Every member of Centessa’s senior leadership team and board of directors exited their roles at the moment the deal became effective.
Lilly appointed two replacement directors to oversee the newly acquired subsidiary. Centessa’s at-the-market equity distribution program was simultaneously discontinued.
Centessa has now fully transitioned — from a standalone, publicly traded biotechnology firm to a wholly integrated division within Lilly’s organizational framework.
Wall Street’s Response
Analyst firms had already adjusted their positions to mirror the transaction terms. Truist Securities revised its CNTA rating from Buy to Hold after the acquisition announcement, establishing a $38 price objective aligned with the cash payment.
Wolfe Research executed a comparable adjustment, changing its stance from Outperform to Peerperform.
The latest analyst assessment on CNTA carries a Hold rating with a $42 target price — marginally exceeding the deal value to account for possible CVR distributions.
Lilly’s acquisition strategy focuses on strengthening its development portfolio in sleep disorder therapeutics, a therapeutic area where Centessa had established advancing programs.
The Alkermes dynamic deserves attention: upon initial announcement of the Centessa transaction, Alkermes shares surged 13%, reflecting heightened market enthusiasm for the sleep disorder treatment sector.
With delisting finalized and Centessa completely integrated, CNTA shares no longer exist as publicly traded securities.
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