Eli Lilly agreed to acquire Centessa Pharmaceuticals for about $6.3 billion up front, with additional consideration via contingent value rights, adding orexin receptor 2 (OX2R) agonist programs into Lilly’s neuroscience portfolio. Reporting emphasizes Centessa’s clinical-stage work in excessive daytime sleepiness and impaired wakefulness conditions, with lead programs supported by Phase 2a data. The acquisition is framed as a strategic entry into sleep disorders at a time when Lilly has already built a dominant obesity franchise, and it places Lilly in direct competition with other OX2R developers pursuing clinical and regulatory milestones. For investors and competitors, the transaction underscores how quickly neuroscience adjacency can be industrialized through platform-style portfolios rather than single-asset bets. The financial structure, including milestones tied to regulatory outcomes and clinical performance, also highlights how acquirers are shifting risk-sharing mechanics onto development timelines. The Centessa deal is expected to close later in the year and is likely to drive near-term pipeline rerating for both Lilly and Centessa shareholders as lead candidates move toward pivotal study readiness.