Eli Lilly officially closed its acquisition of Centessa Pharmaceuticals on June 24, 2026, paying $38 per share in cash — plus contingent value rights of up to $9 per share — in a deal valued at roughly $7.8 billion.
The transaction was completed through Lilly’s subsidiary, LDH XV Corporation, following approval under a UK court-sanctioned scheme of arrangement on June 22, 2026.
Centessa Pharmaceuticals plc, CNTA
CNTA stock hit an all-time high of $40.26 ahead of closing, up 183% over the past year on a price basis, and 209% on a total return basis.
Centessa’s market cap stood at $6.22 billion at the time of the high — reflecting the market pricing in the deal ahead of completion.
As of the effective time on June 24, Centessa became a wholly owned Lilly subsidiary. Existing shareholders lost all shareholder rights, receiving only the deal consideration in exchange.
The company moved immediately to delist its American Depositary Shares from Nasdaq and end its public-reporting obligations.
Centessa also repaid and terminated its loan and security agreement with Oxford Finance and other lenders on the same day as part of the closing process.
The deal triggered a sweeping management overhaul. All of Centessa’s senior executives and board directors departed at the effective time of the acquisition.
Two new directors, appointed by Lilly, stepped in to replace the outgoing board. The company’s at-the-market equity offering program was also terminated.
Centessa’s transition is complete — from an independent, Nasdaq-listed biotech to a fully integrated unit inside Lilly’s corporate structure.
Wall Street had already moved to reflect the deal terms in its ratings. Truist Securities downgraded CNTA from Buy to Hold following the acquisition announcement, setting a price target of $38 — in line with the cash consideration.
Wolfe Research made a similar move, shifting its rating from Outperform to Peerperform.
The most recent analyst rating on CNTA remains a Hold with a $42 price target — slightly above the deal price, accounting for the potential CVR payout.
Lilly’s strategic rationale centers on expanding its pipeline in the sleep disorder treatment sector, an area where Centessa had been building out programs.
The Alkermes connection is worth noting: when the Centessa deal was first announced, Alkermes stock jumped 13%, signaling broader market interest in the sleep disorder space.
With delisting now complete and Centessa fully absorbed, CNTA no longer trades as a public stock.
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