AcquisitionsMay 5, 2026, 04:09 PM
Centessa to be Acquired by Eli Lilly for up to $47.00 per Share
AI Summary
Centessa Pharmaceuticals plc announced a definitive agreement to be acquired by Eli Lilly and Company for $38.00 in cash per share, plus one non-transferable contingent value right (CVR) entitling holders to receive up to an aggregate of $9.00 per share, contingent upon the achievement of specified milestones. The transaction is expected to close in Q3 2026, subject to customary closing conditions. Concurrently, Centessa reported a significant widening of its net loss for Q1 2026 to $79.2 million, compared to a net loss of $26.1 million in Q1 2025, driven by increased operating expenses and a lack of license revenue.
Key Highlights
- Centessa to be acquired by Eli Lilly for $38.00 cash per share.
- Shareholders to receive CVRs for up to an additional $9.00 per share.
- Q1 2026 net loss widened to $79.2 million from $26.1 million in Q1 2025.
- Q1 2026 R&D expenses increased to $59.9 million from $33.4 million.
- Q1 2026 G&A expenses increased to $19.9 million from $12.3 million.
- Q1 2026 license revenue was $0, down from $15.0 million in Q1 2025.
- Net cash used in operating activities was $72.2 million in Q1 2026.
- Total cash, cash equivalents, and investments were $533.7 million.