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$12 Billion in One Day: What Biogen and Lilly Deals Signal

On March 31 2026, Biogen acquired Apellis for $5.6B and Eli Lilly acquired Centessa for up to $7.8B on the same day. Both deals target mid-stage assets and include contingent value rights. For biotech operators this signals accelerating pipeline pressure and shrinking commercial planning windows.

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