Eli Lilly agreed to acquire Centessa Pharmaceuticals for about $6.3 billion in up-front cash, plus up to $1.5 billion through contingent value rights tied to regulatory milestones. The deal gives Lilly a pipeline centered on orexin receptor 2 (OX2R) agonism, with Centessa’s cleminorexton (ORX750) showing positive Phase 2a data in narcolepsy types 1 and 2 and idiopathic hypersomnia. In parallel, Biogen inked an agreement to buy Apellis Pharmaceuticals for roughly $5.6 billion cash, adding two commercial immunology assets. Apellis’ Syfovre (pegcetacoplan) is approved for geographic atrophy secondary to age-related macular degeneration, and the acquisition expands Biogen’s immunology platform as it prepares further launches. The acquisitions signal renewed appetite for late-stage and near-commercial franchises in high-need therapeutic areas, with sleep wakefulness and complement-driven immunology both positioned for multi-year growth and pipeline cross-pollination.