M&A · Healthcare · Pharmaceutical Preparations
Lilly to acquire Centessa Pharmaceuticals plc
Announced Mar 31, 2026 · Closed Jun 24, 2026
Deal value$6.30BEV $6.35B
Premium38.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$38.00 per share
Transaction
- Acquirer
- Lilly
- Target
- Centessa Pharmaceuticals plc (CNTA)
- Buyer type
- Strategic
- Offer price per share
- $38.00
- Enterprise value
- $6.35B
- Status
- Closed Jun 24, 2026
Deal protections
- Break fee (target pays)
- $63.0M · 1.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Morgan Stanley
- To the target
- Centerview, Jefferies
- Centerview fee
- $66.0M
- Jefferies fee
- $27.6M
Sector context · Healthcare
- Comparable deals
- 98 in the prior 24 months
- Premium
- 38.0% vs. 52.0% sector median
- EV / Adj. EBITDA
- Sector median 13.4x
- Break fee
- 1.0% vs. 3.4% sector median
Timeline
- AnnouncedMar 31, 2026
- Proxy filedApr 17, 2026
- Definitive proxyMay 7, 2026
- Shareholder voteJun 12, 2026
- ClosedJun 24, 2026
Valuation · fairness opinions
Discounted cash flowCenterview$33.30$41.75
Analyst price targetsCenterview$30.00$62.00
Premiums paidCenterview$37.25$48.25
Discounted cash flowJefferies$33.30$41.75
Analyst price targetsJefferies$30.00$62.00
Offer $38.00
Implied value per Centessa Pharmaceuticals plc share by analysis, from Centerview and Jefferies · DCF discount rate 13%–15%.