Eli Lilly agreed to acquire Centessa Pharmaceuticals for $6.3 billion to expand its neuroscience and sleep-disorder pipeline, front-loading the deal to secure programs led by orexin receptor 2 (OX2R) agonists. Centessa’s lead asset, cleminorexton (formerly ORX750), is in Phase 2 development for narcolepsy and idiopathic hypersomnia, after previously reported mid-stage efficacy signals. Separate from the Centessa takeout, Lilly also expanded its AI footprint through an up-to-$2.75 billion commercialization-and-development expansion with Insilico Medicine. The agreement includes a $115 million upfront payment and milestone and royalty components for preclinical oral therapeutics across multiple therapeutic areas. In a third major deal, Biogen announced it will acquire Apellis Pharmaceuticals for about $5.6 billion to add commercial immunology assets, including Syfovre for geographic atrophy secondary to age-related macular degeneration. Apellis shareholders can also receive additional contingent value payments tied to Syfovre approval milestones. Collectively, the transactions underscore how big pharma is using both M&A and AI-partnering to accelerate pipeline coverage—particularly in immunology and CNS—while keeping deal structures tied to clinical and regulatory milestones.