Eli Lilly announced a $6.3 billion acquisition of Centessa Pharmaceuticals, with potential additional payments of up to $1.5 billion based on regulatory milestones12
The deal values Centessa at $38 per share, representing a 38-41% premium over recent trading prices12
Centessa's lead drug cleminorexton (formerly ORX750) is an oral orexin receptor 2 agonist currently in Phase 2 trials for narcolepsy type 1, narcolepsy type 2, and idiopathic hypersomnia13
Cleminorexton demonstrated best-in-class potential with Phase 1 data showing a statistically significant 22.6-minute delay in sleep onset compared to placebo6
The acquisition addresses a gap in Lilly's neuroscience pipeline, as the company previously lacked a presence in the sleep disorder market, which represents a multi-billion dollar opportunity4
Lilly will compete against Takeda, whose OX2R agonist oveporexton is ahead in development with an FDA decision expected in the third quarter of 202646
The transaction is expected to close in the third quarter of 2026, pending regulatory approval6
Sources:
1. https://medcitynews.com/2026/03/eli-lillys-neuro-prospects-expand-to-sleep-science-with-6-3b-centessa-acquisition/
2. https://www.statnews.com/2026/03/31/eli-lilly-centessa-acquire-narcolepsy/
3. https://www.fiercebiotech.com/biotech/lilly-pays-63b-upfront-sleep-disorder-focused-centessa-latest-neuroscience-play
4. https://www.biopharmadive.com/news/lilly-centessa-6B-dollar-buyout-sleep-narcolepsy-drug/816226/
6. https://www.biospace.com/deals/lilly-wakes-up-sleep-market-with-6-3b-centessa-buy-to-challenge-takeda