Farallon Capital Buys $85.8M in Centessa Shares Above Acquisition Price Ahead of Delisting
CNTA has more than doubled off its 52-week low of $12.39 on elevated volume (3.9× avg).
Summary
Farallon Capital Management significantly increased its stake in Centessa Pharmaceuticals, purchasing approximately $85.8 million worth of shares at prices above the Eli Lilly acquisition offer, just before the company's delisting.
Key Events · Ownership and Investor Activity · CNTA
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Significant Share Purchases
Farallon Capital Management acquired 2,156,393 shares of Centessa Pharmaceuticals between April 27 and June 23, 2026, totaling approximately $85.8 million.
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Premium to Acquisition Price
These purchases were made at prices ranging from $39.51 to $40.25 per share, exceeding Eli Lilly's $38.00 cash acquisition price plus the potential $1.00 Contingent Value Right (CVR).
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Increased Stake Ahead of Delisting
Farallon's total beneficial ownership now stands at 9,370,093 shares, or 6.1% of the company, representing a substantial increase in their position right before the acquisition finalization and delisting.
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Acquisition Finalized
This filing coincides with the finalization of Centessa's acquisition by Eli Lilly and its subsequent delisting from Nasdaq on June 24, 2026.
Analysis · CNTA · Life Sciences
This Schedule 13D reveals a highly unusual and significant move by Farallon Capital Management. The fund aggressively bought over $85.8 million worth of Centessa shares at prices above the maximum potential value of the Eli Lilly acquisition ($38.00 cash plus a $1.00 CVR). These purchases occurred right up to the day before the acquisition was finalized and the company delisted. This suggests Farallon either anticipates a higher payout than publicly disclosed, or is executing a complex arbitrage strategy related to the contingent value rights, indicating strong conviction in a specific outcome.
At the time of this filing, CNTA was trading at $40.50 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $6.3B. The 52-week trading range was $12.39 to $40.56. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.