June 21, 2023: On Tuesday, Eli Lilly said it slapped a $2.4 billion contract to develop Dice Therapeutics to stock up its medicine portfolio for immune-related diseases.
Eli Lilly will be spending $48 per share in cash to buy Dice, which shows around a 40% bonus to where the San Francisco-based company’s shares closed on Friday. The transaction is anticipated to close in the third quarter of this year.
Eli Lilly’s stock price increased by over 1% in early morning trading. Dice Therapeutics’ share cost increased over 37% to just under the purchase price.
“In combination with its novel technology and expertise in drug discovery, DICE’s talented workforce and passion for innovation will enhance our efforts to make life better for people living with devastating immune diseases,” stated Patrik Jonsson, Eli Lilly executive vice president, in a press release.
Dice is a biopharmaceutical company that uses a proprietary technology platform to develop reenergized oral therapeutic drugs for autoimmune diseases, in which the body’s immune system erroneously attacks a person’s cells instead of protecting them.
Autoimmune diseases can induce pain, fatigue, dizziness, depression, and rashes, among other symptoms.
Over 100 known autoimmune diseases include lupus, rheumatoid arthritis, Crohn’s disease, and ulcerative colitis.
Dice’s lead drug is in a midstage test for an immune-related skin condition called psoriasis.
Eli Lilly’s immunology portfolio includes drugs such as Taltz, which treats plaque psoriasis, and Olumiant, a therapy for rheumatoid arthritis. The previous year, Taltz raked in $2.48 billion, while Olumiant generated $830.5 million in sales.
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