LLY - Eli Lilly's $2.4 Billion Acquisition of Dice Therapeutics: What Investors Need to Know
2023-06-20 16:01:41 ET
You might say that Eli Lilly and Co. (NYSE: LLY) is rolling the dice. The big drugmaker announced on Tuesday that it plans to acquire Dice Therapeutics (NASDAQ: DICE) in an all-cash transaction valued at around $2.4 billion. Here's what investors need to know about the deal.
Lilly will be able to expand its immunology pipeline by acquiring Dice. Patrik Jonsson, who serves as president of Lilly Immunology and Lilly USA, said in the press release announcing the deal that bringing Dice into the fold "will enhance our efforts to make life better for people living with devastating autoimmune diseases."
Dice's lead candidate is DC-806. The small biopharmaceutical company is evaluating the experimental oral IL-17 inhibitor in a phase 2b clinical study targeting moderate-to-severe psoriasis.
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Eli Lilly's $2.4 Billion Acquisition of Dice Therapeutics: What Investors Need to Know