On Tuesday, Eli Lilly announced a $2.4 billion deal to buy Dice Therapeutics to expand its therapy range for immune-related disorders.
Eli Lilly will pay $48 per share in cash to acquire Dice, reflecting a 40% premium over the company’s Friday closing price. The deal is scheduled to be completed in the third quarter of this year. Jonathan Clark also shared the news and some stocks statistics through Twitter.
You can see his Tweet below:
Big pharma Eli Lilly shells out another few billion in cash to acquire Dice
Dice Therapeutics Inc. (DICE) pic.twitter.com/23IMofEqxg
— Jonathan Clark (@Jonatha00412152) June 20, 2023
Eli Lilly’s stock price increased by over 1% in early morning trade. The share price of Dice Therapeutics increased by more than 37% to slightly under the purchase price.
“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,” In a news release, Eli Lilly executive vice president Patrik Jonsson stated
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What Does The “Dice” Do?
Dice is a biotech business that develops new oral therapeutic drugs for autoimmune diseases, which happen when a person’s immune system attacks their own cells instead of protecting them.
Autoimmune diseases can cause many symptoms, such as pain, tiredness, dizziness, sadness, and rashes. Autoimmune diseases include lupus, rheumatoid arthritis, Crohn’s disease, and ulcerative colitis, among many others.
The lead drug from Dice is in the middle of a study for psoriasis, a skin disease linked to the immune system. Eli Lilly’s resistant drug collection includes Taltz, used to treat plaque psoriasis, and Olumiant, used to treat rheumatoid arthritis.
Last year, Taltz made $2.48 billion in sales, while Olumiant made $830,5 million.
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