Eli Lilly Targets Takeda's Stronghold: Acquiring 'Next-Generation Orexin Agonist' to Overturn the Sleep Market Landscape

On March 31, 2026, one of the world's largest pharmaceutical companies, Eli Lilly (hereinafter, Lilly) announced that it has entered into a definitive agreement to acquire Centessa Pharmaceuticals (hereinafter, Centessa), a clinical-stage biotechnology company based in the UK and Boston, USA.The transaction is structured with an initial cash consideration of $38 per share, plus a non-transferable Contingent Value Right (CVR) of up to $9 per share, contingent upon the achievement of specific regulatory approval milestones. As a result, the deal values the equity at approximately $6.3 billion based on the initial consideration alone, and with the CVR potentially adding up to $150 million, it is a major transaction reaching a total value of up to $7.8 billion. The transaction is expected to close in the third quarter of 2026, subject to shareholder approval, sanction by the High Court of Justice in England and Wales, and regulatory approvals in various jurisdictions.