Lilly's $7.8B Centessa Takeover Clears UK Court Hurdle
A UK court greenlit Eli Lilly's acquisition of Centessa Pharmaceuticals, keeping the $38/share plus CVR deal on track.
Eli Lilly's $7.8 billion grab for Centessa Pharmaceuticals just cleared a major legal checkpoint. The High Court of Justice of England and Wales signed off on the deal, moving it meaningfully closer to closing. For traders still holding CNTA shares, this is the signal you've been waiting for.
The terms are straightforward: $38.00 cash per share upfront, plus one non-transferable contingent value right worth up to an additional $9.00. That CVR payout hinges on three separate milestone achievements, so don't bank on the full $47.00 unless Centessa's pipeline performs. Lilly is acquiring Centessa through a wholly owned subsidiary, a standard structure for deals of this size.
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Centessa is a clinical-stage company laser-focused on excessive daytime sleepiness and broader neurological conditions — a space Lilly clearly wants a bigger footprint in. The original definitive agreement was signed March 31, 2026, and the UK court approval represents a critical regulatory box now checked off the list.
The deal's total consideration sits at roughly $7.8 billion, a number that reflects Lilly's conviction in Centessa's pipeline potential. If you're playing the arbitrage spread, the court ruling removes one of the larger outstanding risk factors. Watch for closing announcements as remaining conditions get resolved.
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