Eli Lilly: agreement to acquire Morphic

(CercleFinance.com) - Eli Lilly has announced a definitive agreement to acquire Morphic, a biopharmaceutical company developing oral integrin-based therapies for the treatment of severe chronic diseases, for a total consideration of approximately $3.
2 billion.

Morphic's lead program, MORF-057, has the potential to expand treatment options for inflammatory bowel disease. It is being evaluated in Phase 2 studies in ulcerative colitis and Crohn's disease.

Eli Lilly will launch a tender offer for all outstanding Morphic shares at a price of $57 per share payable at closing, representing a premium of approximately 79% to the last closing share price.

The transaction, approved by both boards of directors, is expected to close in the third quarter, subject to customary conditions, including the tender of a majority of Morphic's outstanding shares.

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