Shares of Centessa Pharmaceuticals plc skyrocketed more than 44% Tuesday after the clinical-stage biotech announced it would be acquired by pharmaceutical giant Eli Lilly and Co. in a deal valued at up to $7.8 billion, giving Lilly a promising pipeline of experimental treatments for sleep-wake disorders.
Centessa stock (NASDAQ: CNTA) surged to around $39.89 in morning trading, up $12.31 or 44.63% from Monday's close near $27.58, with heavy volume as investors cheered the premium offer. The jump pushed the shares to a new 52-week high and reflected strong market enthusiasm for Centessa's orexin receptor 2 (OX2R) agonist program.
