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Eli Lilly and Company has acquired biopharmaceutical firm Dice Therapeutics for $2.4 billion, fortifying its position in immune-related disease treatments. The strategic move expands Lilly's portfolio with Dice's cutting-edge oral drugs for autoimmune conditions.
Eli Lilly said that the deal with Dice Therapeutics is worth $2.4 billion, and it was agreed that it would pay $48 per share in cash for the purchase. This is equivalent to a 40% premium where the latter's shares closed last Friday.
As per CNBC, the buyout is expected to be completed within the third quarter of this year. With the announcement of the negotiations, the stock price of Eli Lilly reportedly shot up by more than one percent in the early morning trading today. Dice Therapeutics' share price also increased by more than 37%.
Dice Therapeutics is known to use proprietary technology to create new oral drug treatments for various autoimmune diseases. These are illnesses wherein the immune system attacks the person's own cells instead of protecting them as they should.
Currently, there are over 100 known kinds of autoimmune diseases, and the most well-known are lupus, Crohn's disease, rheumatoid arthritis, and ulcerative colitis. The San Francisco-based pharma company is a leading drugmaker to help treat such conditions. Aside from these medications, it is also in the middle of developing another drug for psoriasis which is an immune-related skin condition.
"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," Lilly USA's executive vice president, president of Immunology, and chief customer officer, Patrik Jonsson, said in a press release. "We welcome DICE colleagues to Lilly and, together, we can tackle the challenges ahead in finding new treatments for patients with significant unmet medical needs."
Dice Therapuetics' CEO, Kevin Judice, Ph.D., further said, "We are eager to see our pipeline, including our oral IL-17 inhibitors, DC-806 and DC-853, benefit from Lilly's resources and global reach and I'm excited by the prospect of watching these two talented teams in a united quest for scientific innovation."
Photo by: Eli Lilly Press Release
