Lilly to Acquire Merida Biosciences to Advance Autoimmune and Allergic Disease Treatments
LLY sits 64% above its 52-week low of $712.05.
Summary
Lilly is acquiring Merida Biosciences to expand its pipeline in serious autoimmune and allergic diseases. The deal is worth up to $2.88 billion in cash, including an upfront payment and contingent milestone payments. The acquisition adds a new therapeutic area to Lilly's portfolio, which has been heavily focused on diabetes and obesity. This follows a period of strong clinical and commercial momentum, including Q2 revenue growth of 48% to $23B. The acquisition could strengthen Lilly's long-term growth beyond its current blockbuster franchises.
At the time of this announcement, LLY was trading at $1,171.00 on NYSE in the Life Sciences sector, with a market capitalization of approximately $1.1T. The 52-week trading range was $712.05 to $1,292.65. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.