New York, June 30, 2026, 10:03 (EDT)
- Centessa last showed $40.50 on the tape, with the last trade hit on June 24 UTC. The ADSs have stopped regular trading on Nasdaq.
- The last trade added roughly $2.50 to a $9 non-transferable CVR, about 27.8 cents per dollar, just before public pricing was pulled.
- Nasdaq said the merger wrapped up before the open on June 24. The ADSs were suspended from June 25.
- Lilly shares dropped about 1.0% around 10 a.m. EDT. XBI traded down 0.3%. IBB lost 0.1%.
As of 10:03 a.m. in New York, U.S. regular trading was open, following Nasdaq’s 9:30 a.m. to 4 p.m. ET session, but Centessa Pharmaceuticals plc NASDAQ:CNTA had no new trades. Nasdaq’s CNTA market page showed no data, with the last price still at $40.50 from June 24 UTC.
The last price is the one that counts now. Eli Lilly and Company NYSE:LLY is paying $38 in cash and a non-transferable CVR that could be worth as much as $9 a share. Based on CNTA’s last trade, the market valued that CVR at $2.50 before the ADS halted.
| CNTA read-through | Figure | Investor read |
|---|---|---|
| CNTA was last quoted at | $40.50 | Most recent price seen before pricing went dark |
| Guaranteed cash payout | $38.00 | Amount in cash per share per the transaction |
| CVR price implied | $2.50 | 27.8% of maximum $9 milestone |
| Distance to full payout | $6.50 | Shortfall versus the full $47 package |
NasdaqTrader reported Centessa holders OK’d the merger June 12, with the deal closing before the open on June 24. Trading in CNTA was halted after the June 23 after-hours session, then the stock was suspended effective June 25. Citi’s depositary-receipt corporate-action page as of Tuesday morning still had the CNTA CUSIP listed as active and showed a merger notice dated June 16.
Investors now weigh CNTA’s offer against fixed cash, the private CVR, and Eli Lilly shares instead of other biotech names. Lilly traded at $1,217.86, off 1.0%. SPDR S&P Biotech ETF (NYSEARCA:XBI) dropped 0.3%. iShares Nasdaq Biotechnology ETF (NASDAQ:IBB) slipped 0.1%.
| Instrument | Latest price | Move | What it now tells holders |
|---|---|---|---|
| Centessa NASDAQ:CNTA | $40.50 | Latest feed update was June 24 UTC | Most recent public signal on CVR value |
| Eli Lilly NYSE:LLY | $1,217.86 | -1.0% | Market response in buyer shares |
| XBI (NYSEARCA:XBI) | $157.80 | -0.3% | Biotech sector equal-weight reading |
| IBB (NASDAQ:IBB) | $189.61 | -0.1% | Biotech large-cap section performance |
Options holders ended up with something different. The Options Clearing Corp said every existing CNTA ADS turned into the right to get $38 in cash and one non-transferable CVR, but the CVR isn’t part of the adjusted options deliverable. The new deliverable for each option contract is $3,800 in cash.
The split is key. Shareholders held onto a private claim tied to the FDA. Options on the stock got cash settlement only, losing any CVR in the deal. For call buyers looking for upside, the final share price tells you more about the CVR’s value than the new terms for the option contract.
The CVR ties payments to three FDA drug approvals. Holders get $2 if the FDA clears cleminorexton or ORX142 for narcolepsy type 2 before five years after closing. There’s $5 if either drug is approved for idiopathic hypersomnia on the same timeline. Another $2 is possible if either drug wins its first FDA nod in any use before Jan. 1, 2030. Lilly said in its deal release there’s no guarantee CVR holders will get paid.
Oppenheimer’s Kostas Biliouris wrote in March that narcolepsy drug sales were around $2.5 billion, with more growth possible as orexin agonists reach the market, Reuters said. Leonid Timashev at RBC Capital Markets said Eli Lilly’s deal looked good for Alkermes plc NASDAQ:ALKS, which is also developing orexin drugs, according to Reuters.
Carole Ho, Lilly EVP and president of Lilly Neuroscience, said after the deal closed, “Centessa has built a clinical portfolio with the depth to explore both, and Lilly intends to pursue that potential with urgency.” PR Newswire
Centessa is now fully owned by Lilly after the court order reached the Registrar of Companies on June 24, Centessa said in its 8-K. The filing also said investors who held shares outstanding at 6:00 p.m. UK time June 23 can claim the $38 cash and the CVR.
