LLY - Why Beam and Verve Therapeutics Shares Soared While Eli Lilly Soured Today
2023-10-31 19:09:02 ET
A multimillion-dollar deal in the healthcare industry announced on Tuesday led to share price pops for two of the three parties involved. Shares of Beam Therapeutics (NASDAQ: BEAM) and Verve Therapeutics (NASDAQ: VERV) shot up 11% and 28%, respectively, on the day.
On the downside, their counterparty in the deal, Eli Lilly (NYSE: LLY) , saw its share price slump by 2%.
This morning, Beam and Verve announced in separate press releases that the former had sold to Eli Lilly the product rights to three of Verve's cardiovascular gene-editing programs.
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Why Beam and Verve Therapeutics Shares Soared While Eli Lilly Soured Today