CNTA

Centessa is a clinical-stage biotech built around an orexin (OX2R agonist) neuroscience franchise led by cleminorexton, but its fundamentals are now secondary to a defining corporate event. On March 31, 2026, Centessa entered a Transaction Agreement under which Eli Lilly will acquire the entire share capital for '$38.00 in cash, without interest, plus one non-transferable contingent value right entitling the holders to receive up to three contingent cash payments of up to an aggregate of $9.00 per Company Share.' The deal is 'expected to close in the third quarter of 2026,' subject to shareholder approval, UK High Court sanction of the Scheme of Arrangement, and regulatory approvals. At $40.02, the stock trades $2.02 above the $38 cash floor, meaning the market is ascribing modest probability-weighted value to the CVR and assuming the deal closes.

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