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 share price 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