Eli Lilly to buy Dice Therapeutics for $2.4 billion

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Eli Lilly to buy Dice Therapeutics for $2.4 billion

Eli Lilly and Company (NYSE: LLY ) said it has agreed to acquire Dice Therapeutics (NASDAQ: DICE ) in a deal worth around $2.4 billion. Lilly will pay $48 per share in cash, which represents a premium of roughly 42% relative to DICE’s closing price on Friday.

Dice is a biotech company that develops novel oral therapeutic candidates to treat chronic diseases in immunology.

"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," said Patrik Jonsson, executive vice president, president of Lilly Immunology and Lilly USA, and chief customer officer.

The companies expect to close the deal in the third quarter, subject to regulatory clearances.

Kevin Judice, Ph.D., CEO of Dice Therapeutics, added: "We're 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."

DICE shares are up about 40% in premarket Tuesday.

 

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