Eli Lilly to acquire Loxo Oncology for US$8b

An employee works in an unit dedicated to the production of insulin pens at the factory run by pharmaceutical company Eli Lilly in Fegersheim, France, on October 12, 2015. — AFP pic
An employee works in an unit dedicated to the production of insulin pens at the run by pharmaceutical company Eli Lilly in Fegersheim, France, on October 12, 2015. — AFP pic

WASHINGTON, Jan 7 — Pharmaceutical giant Eli Lilly will acquire cancer treatment specialist Loxo Oncology in a cash deal valued at around US$8 billion, the companies said today.

The firms “announced a definitive agreement for Lilly to acquire Loxo Oncology  for  US$235.00 per share in cash, or approximately US$8.0 billion,” a statement said.

The deal — which represents a premium of some 68 per cent over Loxo Oncology’s closing on Friday — is expected to close by the end of the first quarter, the statement said.

The announcement is the latest in a series of major pharmaceutical deals: last week, Bristol-Myers Squibb said it would buy biotech firm Celgene in a US$74 billion cash-and-stock agreement, creating a rival to the world’s largest drug makers.



Other recent large pharma deals include French company Sanofi’s purchase of US haemophilia group Bioverativ for US$11.6 billion and Novartis’ US$8.7 billion acquisition of rare-disease treatment company AveXis. — AFP

Source: The Malay Mail Online





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