Lilly agrees to buy Centessa Pharmaceuticals for up to $7.8 billion

Lilly agreed to acquire Centessa Pharmaceuticals for up to $7.8 billion, of which about $6.3 billion is upfront. Centessa shareholders would receive $38 per share in cash plus a contingent value right worth up to $9 per share on regulatory milestones. The deal is one of the largest 2026 acquisitions by Lilly and extends its neuroscience pipeline.

• $38 per share in cash
• Contingent value right worth up to $9 per share (about $1.5B)
• Upfront value about $6.3B; total up to $7.8B