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.
The most successful business leaders don’t just identify gaps in the market; they anticipate future needs before anyone else.
With technological advancements, shifting consumer expectations, and global interconnectedness, the role of business leaders
The leadership landscape is profoundly changing, influenced by technological advancements, shifting workforce expectations, and the need for adaptability in an unpredictable global environment.
In the fast-paced business world, corporate leaders often find themselves at the crossroads of risk and reward, where bold decisions …
Corporate leaders often navigate turbulent waters where failure is not just a possibility but an inevitable part of the journey …
Corporate leaders play a pivotal role in shaping organizational cultures that embrace diversity and foster inclusivity. How can these …
January 30, 2025: An American Airlines regional jet collided midair with a U.S. Army Black Hawk helicopter near Washington
January 29, 2025: A newly deployed AI chatbot in France has sparked widespread public debate, with concerns over misinformation
January 27, 2025: President Donald Trump’s administration has moved swiftly to dismantle diversity, equity, and inclusion (DEI)
January 23, 2025: A massive wildfire near Los Angeles has engulfed thousands of acres in a matter of hours, forcing tens of thousands to evacuate
Leave us a message
Subscribe
Fill the form our team will contact you
Advertise with us
Fill the form our team will contact you
