Eli Lilly agreed to acquire Centessa Pharmaceuticals for about $6.3 billion in upfront cash, adding a clinical-stage portfolio of orexin receptor 2 (OX2R) agonists for sleep-wake disorders. The transaction is set up as Lilly’s next major push beyond obesity into a neuroscience area where multiple players are competing. Centessa’s lead asset, cleminorexton (formerly ORX-750), has shown positive Phase 2a data across narcolepsy type 1, narcolepsy type 2 and idiopathic hypersomnia, positioning the company for potential pivotal trial execution post-close. Lilly’s deal also includes the possibility of additional payments via contingent value rights tied to FDA approvals for clinical candidates. The acquisition reflects how obesity cash flow is being redeployed into other high-unmet-need franchises, while reinforcing a broader industry shift toward neuroscience modalities tied to distinct wake biology mechanisms.