(RTTNews) - Eli Lilly and Company (LLY) and Centessa Pharmaceuticals plc (CNTA) announced a definitive agreement for Lilly to acquire Centessa. Lilly will acquire all of the issued and to be issued share capital of Centessa for $38.00 in cash per share plus one non-transferrable CVR that entitles the holder to receive up to an aggregate of $9.00 subject to the achievement of milestones, for total potential aggregate per share consideration of up to $47.00. The upfront cash consideration represents an aggregate equity value of approximately $6.3 billion. The CVR represents an additional potential aggregate equity value of approximately $1.5 billion.
"Centessa is at the forefront of orexin science, and we've built a potential best-in-class portfolio of OX2R agonists with a level of depth and breadth that could help redefine what's possible in neuroscience," said Mario Alberto Accardi, CEO of Centessa.
In pre-market trading on NasdaqGS, Centessa shares are up 46.96 percent to $40.53.
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