Text size
Eli Lilly reaches deal to acquire Dice Therapeutics for $2.4 billion in cash.
Daniel Acker/Bloomberg
Eli Lilly
has agreed to buy
Dice Therapeutics
in a $2.4 billion cash deal.
Lilly
(ticker: LLY) said that its acquisition of
Dice
(DICE) would allow it to leverage the company’s developing treatments aiding chronic diseases in immunology, marking a push into treating autoimmune disorders from the 147-year-old healthcare company.
Shares in Lilly shed 0.2% in premarket trading on Tuesday. Dice stock jumped 38% to $46.59.
The deal, for $48 a share, has been approved by the boards of both companies and represents a represents a premium of around 40% to the 30-day volume-weighted average trading price of Dice stock. The takeover is expected to close in the third quarter of 2023 subject to conditions including antitrust clearance.
Dice leverages a proprietary technology platform to develop novel oral therapeutic candidates to treat chronic diseases in immunology, Lilly said, including oral IL-17 inhibitors currently in clinical devlopment.
“In combination with its novel technology and expertise in drug discovery, Dice’s talented workforce and passion for innovation will enhance our efforts to make life better for people living with devastating autoimmune diseases,” Patrik Jonsson, president of Lilly Immunology and Lilly USA, as well as the company’s chief customer officer, said in a statement.
Write to Jack Denton at [email protected]
Source: https://www.barrons.com/articles/eli-lilly-dice-therapeutics-deal-f7e7e2b5?siteid=yhoof2&yptr=yahoo