Farallon Capital Buys $85.8M in Centessa Shares Above Acquisition Price Ahead of Delisting

summarizeSummary

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.

check_boxKey Events

• 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.

• 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).

• 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.

• 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.

auto_awesomeAnalysis

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.