Eli Lilly's top dealmaker says don't be surprised to see more M&A that pushes Lilly into new areas
Eli Lilly's business development strategy is evolving under the leadership of Van Naarden, who was tasked with expanding the company's dealmaking capabilities. The planned acquisition of Centessa Pharmaceuticals for up to $7.8 billion marks a significant move into new therapeutic areas. Van Naarden emphasizes that Lilly is open to exploring diverse opportunities beyond its traditional focus areas.
- ▪Lilly's CEO tasked Van Naarden with leading business development to enhance dealmaking skills.
- ▪The acquisition of Centessa Pharmaceuticals could reach up to $7.8 billion, making it Lilly's second-largest deal.
- ▪Van Naarden indicates that Lilly is exploring opportunities beyond its current specialties, including oncology and neuroscience.
Opening excerpt (first ~120 words) tap to expand
Van Naarden said his boss, Lilly CEO Dave Ricks, approached him last fall about leading business development in addition to his main job as head of Lilly's oncology business. The company wanted to sharpen its dealmaking skills and start widening its aperture beyond the early bets where Lilly liked to focus. He started to execute the strategy early this year. Lilly's planned acquisition of Centessa Pharmaceuticals, announced in March, could reach up to $7.8 billion if the company meets certain milestones for its experimental drugs for sleep disorders like narcolepsy. That would make it Lilly's second-ever largest deal behind the company's $8 billion acquisition of Loxo Oncology in 2019.
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