Lilly to spend up to $7.8 billion to acquire Centessa, a maker of experimental sleep disorder drugs
Eli Lilly acquires Centessa for up to $7.8 billion.
Eli Lilly has announced its agreement to acquire Centessa Pharmaceuticals for up to $7.8 billion, focusing on Centessa's experimental drugs aimed at treating narcolepsy and excessive daytime sleepiness. The deal includes an upfront payment of $6.3 billion, with additional payments contingent on FDA approvals, reflecting Lilly's strategy to leverage its recent financial success in the obesity and diabetes markets.
Key Takeaways
- 1.
Lilly will pay $38 per share, totaling $6.3 billion upfront.
- 2.
If Centessa's drugs gain FDA approval, Lilly could pay an additional $1.5 billion.
- 3.
The market for orexin agonists could reach $15 billion to $20 billion.
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