LLY - Is Eli Lilly's Dice Therapeutics Acquisition a Needle-Moving Event?
2023-06-21 11:30:00 ET
On Tuesday, Eli Lilly (NYSE: LLY) agreed to pay $2.4 billion for the autoimmune disease specialist Dice Therapeutics (NASDAQ: DICE) . Through this deal, Lilly will gain two experimental immunology medicines: the mid-stage psoriasis candidate DC-806 and its early-stage follower DC-853.
In addition, Dice's pipeline is home to a handful of discovery-stage small molecules for inflammatory bowel disease, fibrosis, and immuno-oncology. The drugmaker's plan for these pre-clinical compounds wasn't announced in Tuesday's press release.
Lilly's shares gained 0.93% over the course of Tuesday's trading session, suggesting that investors view the drugmaker's latest acquisition in a positive light. But was this acquisition a savvy business development move by Lilly? Let's dig deeper to find out.
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Is Eli Lilly's Dice Therapeutics Acquisition a Needle-Moving Event?