Centessa Pharmaceuticals (CNTA) said Monday that the High Court of Justice of England and Wales approved Eli Lilly's (LLY) planned acquisition of the company in a deal valued at about $7.8 billion.
Under the terms of the transaction, Centessa shareholders will receive $38 per share in cash plus a contingent value right worth up to an additional $9 per share tied to milestone achievements.
The deal is expected to close on June 24, when the court order is delivered to the Registrar of Companies.
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