Centessa Pharmaceuticals plc (CNTA)

Centessa Pharmaceuticals plc was a clinical-stage biotechnology company incorporated in England and Wales in 2020 and operating in London and the United States. It was formed by combining several early-stage biotech companies backed by Medicxi and other investors, with Saurabh Saha as chief executive officer. The company aimed to build a portfolio of medicines for diseases with high unmet need.

Centessa completed its initial public offering in May 2021, listing American depositary shares on the Nasdaq Global Select Market under the symbol CNTA. Each ADS represented one ordinary share. The IPO raised capital to advance a portfolio that included programs in hematology, rare disease, oncology, and neurology.

Over time Centessa narrowed its focus. Its lead area became orexin receptor 2 agonists for sleep-wake disorders, including narcolepsy type 1, narcolepsy type 2, and idiopathic hypersomnia. These oral small molecules were designed to replace the orexin signaling that is lost in narcolepsy. The company pursued clinical data in this class as it reprioritized other earlier programs.

Centessa also reported programs in other areas, including a program aimed at alpha-1-antitrypsin deficiency and earlier-stage assets. As a development-stage company with no approved products, it funded operations through equity offerings and cash raised at its IPO, and its share price tracked clinical results from its orexin agonist programs.

In 2026 Centessa agreed to be acquired by Eli Lilly and Company through a wholly owned subsidiary, LDH XV Corporation. The offer valued the equity at roughly $7.8 billion, according to press reports, and provided $38.00 per share in cash. Each holder also received one non-transferable contingent value right entitling it to contingent cash payments of up to $9.00 per share in aggregate if milestones in the CVR agreement are met.

The acquisition was structured as a UK scheme of arrangement, which required shareholder approval and sanction by the High Court of Justice of England and Wales. The court approved the scheme, and it became effective on June 24, 2026, when the court order was delivered to the Registrar of Companies. Centessa became a wholly owned subsidiary of the purchaser.

Centessa asked Nasdaq to halt trading in the ADSs effective 8:00 p.m. New York time on June 23, 2026, and to file a Form 25 to delist them. The company planned to file a Form 15 to deregister the ADSs and suspend its reporting obligations. Its orexin programs continue under Lilly's ownership. The deal added Centessa's orexin agonist candidates to Lilly's neuroscience pipeline, and any CVR payments depend on the achievement of specified development and regulatory milestones.