5 Stocks Dominating Today’s Market Surge

2. Centessa Pharmaceuticals PLC (NASDAQ:CNTA)

Centessa soared to a new all-time high on Tuesday, as investors gobbled up shares following news that it is set to be acquired by giant weight loss drugmaker Eli Lilly and Company, for $6.3 billion.

In a statement, Eli Lilly said that it entered into a definitive agreement with Centessa Pharmaceuticals PLC (NASDAQ:CNTA) for the acquisition of its shares at a price of $38, or a 38 percent upside from its closing price of $27.58 prior to the announcement.

In addition, shareholders of Centessa Pharmaceuticals PLC (NASDAQ:CNTA) are set to receive $9 upon the achievement of three milestones, including $2 upon FDA approval of cleminorexton for narcolepsy type 2; $5 upon its FDA approval for the treatment of idiopathic hypersomnia; and $2 for its treatment of any indication prior to January 1, 2030. Payments of the contingent value right are not guaranteed.

The transaction is expected to be completed in the third quarter of the year, subject to closing conditions, including regulatory approvals.

“We are thrilled to take our next step toward a potential combination with Lilly, which shares our vision. By combining Centessa’s team and capabilities with Lilly’s global complementary research, clinical, regulatory, and commercial capabilities, we will seek to accelerate the advancement of our orexin portfolio across a broad range of neuroscience indications for the benefit of patients in need,” Centessa Pharmaceuticals PLC (NASDAQ:CNTA) CEO Mario Alberto Accardi said.