DICE Stock Recent News

Dice Therapeutics (NASDAQ: DICE ) stock is surging higher on Tuesday after Eli Lilly (NYSE: LLY ) announced plans to acquire the biopharmaceutical company. According to a news release, Eli Lilly is paying $48 per share to acquire all outstanding shares of DICE stock through a tender offer.

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.

Dice is a biopharmaceutical company that uses a proprietary technology platform to develop new oral therapeutic drugs for autoimmune diseases.

Lilly said its acquisition of Dice for $48 a share would allow it to leverage the group's developing treatments for chronic diseases in immunology.

Dice Therapeutics Inc. DICE stock is up by 40% in premarket trades Tuesday after it agreed to be purchased by Eli Lilly & Co. LLY for $48 a share in a deal that values the immunology company at about $2.4 billion. The price values Dice at a 40% premium over the 30-day, volume-weighted average trading price of its stock as of June 16.

Eli Lilly and Co will buy Dice Therapeutics Inc in an all-cash deal worth about $2.4 billion to boost its autoimmune drug portfolio, the companies said on Tuesday.