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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.
Looking to enhance its product portfolio for immune-related diseases, an area where it has lagged behind the competition, Eli Lilly & Co. ( LLY , Financial) announced on Tuesday it is acquiring Dice Therapeutics Inc. ( DICE , Financial) in a deal valued at $2.4 billion.
Eli Lilly agreed to buy DICE Therapeutics for $2.4 billion. The deal values DICE shares at an almost 40% premium from Friday's close.
Lilly is paying a 40% premium for Dice's shares. Dice is a clinical-stage biotech with six programs in its pipeline.
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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.