Eli Lilly has made a significant move in its quest to revolutionize autoimmune disease treatment.
The company announced its acquisition of Dice Therapeutics, a leading innovator in the development of therapies targeting autoimmune disorders $2.4 Billion USD.
Briefing
- Eli Lilly has announced its acquisition of Dice Therapeutics for $2.4 billion.
- The acquisition is part of Eli Lilly’s strategic move to expand its presence in the field of autoimmune disease treatment.
- The deal reflects the growing demand for effective autoimmune treatments and the increasing focus on precision medicine.
- The deal includes a cash payment of $48 per share, representing a premium of around 40% to Dice’s closing share price.
Eli Lilly’s decision to acquire Dice Therapeutics demonstrates its strong motivation to establish a prominent position in the autoimmune treatment sector. With the increasing prevalence of autoimmune disorders and the growing demand for effective treatments, Eli Lilly recognizes the need to invest in innovative therapies that can address these medical challenges.
Dice Therapeutics is a biopharmaceutical company at the forefront of developing novel oral therapeutic candidates for chronic diseases in immunology and other therapeutic areas. The company’s innovative DELSCAPE platform enables the discovery of selective oral small molecules that effectively modulate protein-protein interactions (PPIs), similar to systemic biologics. DICE’s lead therapeutic candidates target IL-17, a pro-inflammatory signalling molecule, and the integrin α4ß7, presenting a new frontier for the treatment of immunology-related conditions.
“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 autoimmune diseases. We welcome DICE colleagues to Lilly, and together, we can tackle the challenges ahead in finding new treatments for patients with significant unmet medical needs.
Patrik Jonsson, Executive Vice President, President of Lilly Immunology and Lilly USA
Kevin Judice, Ph.D., CEO of DICE Therapeutics said : “We’re eager to see our pipeline, including our oral IL-17 inhibitors, DC-806 and DC-853, benefit from Lilly’s resources and global reach, and I’m excited by the prospect of watching these two talented teams in a united quest for scientific innovation. Our novel approach to discovering and advancing oral, small molecules against validated protein-protein interaction targets has even greater potential with Lilly’s industry-leading clinical development capabilities to get these medicines to patients suffering from autoimmune diseases.”
Terms of the Agreement
Under the agreement, Lilly will initiate a tender offer to acquire all outstanding shares of DICE at a cash purchase price of $48 per share, totaling approximately $2.4 billion. The boards of directors of both companies have approved the transaction.
The acquisition is expected to be finalized in the third quarter of 2023, subject to customary closing conditions, including regulatory clearance and the tender of a majority of DICE’s outstanding common stock. Following the successful completion of the tender offer, Lilly will acquire any remaining shares through a second-step merger, ensuring a seamless transition.
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