Eli Lilly: buys Loxo in latest cancer move
(CercleFinance.com) - US drugmaker Eli Lilly will buy Loxo Oncology for 8 billion dollars, in the latest round of the wave of mergers and acquisitions (M&A) that is currently shaking the hot biotechnology market.
Under the terms of the agreement, Lilly will initiate a tender offer to acquire all of Loxo's shares at a price of 235 dollars each in cash, representing a premium of 68% to Loxo's closing stock price on 4 January.
The acquisition would be the largest in a series of transactions that Lilly has conducted to broaden its cancer treatment efforts.
Loxo Oncology is developing a pipeline of targeted drugs for patients with genomically defined cancers.
The move comes after Bristol-Myers bought Celgene for 74 billion dollars and GSK acquired cancer firm Tesaro for an expensive 5.1 billion dollars.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Under the terms of the agreement, Lilly will initiate a tender offer to acquire all of Loxo's shares at a price of 235 dollars each in cash, representing a premium of 68% to Loxo's closing stock price on 4 January.
The acquisition would be the largest in a series of transactions that Lilly has conducted to broaden its cancer treatment efforts.
Loxo Oncology is developing a pipeline of targeted drugs for patients with genomically defined cancers.
The move comes after Bristol-Myers bought Celgene for 74 billion dollars and GSK acquired cancer firm Tesaro for an expensive 5.1 billion dollars.
Copyright (c) 2019 CercleFinance.com. All rights reserved.