Key Highlights
- On June 24, 2026, Eli Lilly finalized its Centessa Pharmaceuticals acquisition, offering $38 cash per share.
- Investors received additional non-transferable contingent value rights worth up to $9 per share.
- CNTA shares have been removed from Nasdaq trading, with Centessa operating as a Lilly-owned entity.
- Complete executive and board replacement occurred as part of the transaction closure.
- Total transaction valuation reached approximately $7.8 billion, focusing on sleep disorder therapeutics.
On June 24, 2026, Eli Lilly successfully finalized its takeover of Centessa Pharmaceuticals, delivering $38 in cash per share alongside contingent value rights that could reach $9 per share ā bringing the total deal size to approximately $7.8 billion.
The buyout concluded through LDH XV Corporation, a Lilly-controlled entity, after receiving court approval via a UK scheme of arrangement sanctioned on June 22, 2026.
Centessa Pharmaceuticals plc, CNTA
CNTA shares reached a record peak of $40.26 before the deal closed, marking a 183% price increase year-over-year and 209% when total returns are considered.
At its peak valuation, Centessa commanded a $6.22 billion market capitalization ā demonstrating investor confidence that the transaction would finalize successfully.
Following the June 24 effective date, Centessa transitioned into a completely owned Lilly division. Previous shareholders forfeited all ownership privileges, receiving exclusively the agreed transaction payment.
The biotechnology firm promptly initiated delisting procedures for its American Depositary Shares from Nasdaq while discontinuing public disclosure requirements.
Centessa simultaneously settled and canceled its loan and security arrangement with Oxford Finance and associated creditors as part of the finalization procedures.
Complete Management Restructuring
The acquisition resulted in comprehensive leadership changes. Every member of Centessa’s executive team and board of directors exited their positions at the transaction’s effective moment.
Lilly designated two replacement directors to constitute the new governing board. The company’s at-the-market equity distribution program also ceased operations.
Centessa’s transformation is now finalized ā evolving from a publicly traded, Nasdaq-listed biotechnology company into a completely absorbed division within Lilly’s operational framework.
Wall Street Perspectives
Financial analysts had already adjusted their assessments to mirror the acquisition terms. Following the deal announcement, Truist Securities revised CNTA from Buy to Hold status, establishing a $38 price objective ā matching the cash payment amount.
Wolfe Research implemented comparable adjustments, transitioning from Outperform to Peerperform designation.
The latest analyst position on CNTA stands at Hold with a $42 target price ā marginally exceeding the base offer to account for possible CVR distributions.
Lilly’s acquisition strategy emphasizes strengthening its development portfolio within sleep disorder therapeutics, a segment where Centessa had cultivated several promising initiatives.
The Alkermes correlation deserves attention: upon initial disclosure of the Centessa transaction, Alkermes shares surged 13%, highlighting widespread market enthusiasm for sleep disorder treatment development.
With delisting procedures finalized and Centessa completely integrated, CNTA shares have permanently ceased public market trading.
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