Eli Lilly agreed to acquire Centessa Pharmaceuticals in a deal valued at about $7.8 billion, bringing the company’s orexin receptor 2 (OX2R) agonist portfolio into Lilly’s neuroscience pipeline. Centessa’s lead asset, cleminorexton (formerly ORX750), has Phase IIa data across narcolepsy type 1, narcolepsy type 2, and idiopathic hypersomnia, positioning the program for follow-on development while Lilly builds its sleep-wake franchise. The acquisition is also notable for how it broadens Lilly’s neuro strategy—complementing existing internal programs while adding additional clinical and preclinical-stage orexin biology candidates. Deal momentum in the stock underscores how investors are pricing orexin-pathway differentiation and potential category leadership as competitive landscapes in sleep disorders intensify.