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DICE Therapeutics (DICE) is set to be acquired by pharma-giant Eli Lilly (LLY) in an all-cash transaction for $2.4 billion. The transaction will likely close by third-quarter 2023.
Eli Lilly (LLY) has agreed to acquire DICE Therapeutics (DICE) in a cash deal worth approximately $2.4 billion. This strategic move is part of Eli Lilly's efforts to bolster its immunology pipeline, specifically targeting immune disease-related treatments.
Eli Lilly and Co (NYSE:LLY)'s $2.4 billion acquisition of DICE Therapeutics “makes strategic sense,” bolstering the global pharmaceutical company's presence in immunology, analysts at UBS said in a note on Wednesday. UBS, which has a ‘Buy' rating and a 12-month price target of $498 for Eli Lilly, noted that the acquisition provides two oral IL-17 inhibitors DC-806 and DC-853, as well as additional pipeline opportunities to the company's profile.
Eli Lilly and Dice Therapeutics agreed to a $2.4 billion buyout on Tuesday. Lilly might have landed important new immunology drugs via this deal.
Lilly plans to buy Dice Therapeutics for $2.4 billion to expand its immunology pipeline. Investors appear to approve of the deal's price tag.
Lilly is paying a 40% premium for Dice's shares. Dice is a clinical-stage biotech with six programs in its pipeline.
Biotech stocks to watch in the stock market now.
Dice Therapeutics Inc (NASDAQ:DICE) was last seen up 37.6% to trade at a fresh all-time high of $46.56, after Eli Lilly (LLY) revealed it will buy the immunology drug maker for roughly $2.4 billion , or $48 per share, in an all-cash deal that is a 40% premium to DICE's last close.
Eli Lilly and Co (NYSE:LLY) said it has signed a definitive agreement to acquire DICE Therapeutics for $2.4 billion, sending shares of the biopharmaceutical company higher in pre-market trade. Under the deal, which has been approved by the boards of both companies, Lilly said it will commence a tender offer to acquire all outstanding shares of DICE for $48 per share in cash, a 42% premium to its previous closing price.
Markets eased lower in premarket trading to open the week Tuesday morning. Dice Therapeutics received an acquisition bid from Eli Lilly.
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