Lilly to spend up to $7.8 billion to acquire Centessa, a maker of experimental sleep disorder drugs

Impact · against what's priced in

Eli Lilly expands its neuroscience pipeline through the acquisition of Centessa, though the drug's late arrival (2028) relative to Takeda's provides a mixed timeline for value realization. Centessa shareholders realize an immediate 38% premium, while Takeda faces a future 'best-in-class' competitor despite having the first-mover advantage.

CNTS+1.00

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