Eli Lilly to acquire Dermira for USD 1.1 billion

Eli Lilly has agreed to pay $18.75 per share or a 2.2% premium to Dermira Inc's last closing price. Lily said the price represented an about 86% premium to the 60-day volume-weighted average trading price of Dermira's Friday closing price.

New Delhi: Eli Lilly and Co said on Friday it would buy Dermira Inc for about $1.1 billion in cash, gaining access to the drugmaker's skin disease drugs.

The acquisition would bring Lily Dermira's experimental treatment for a skin disease popularly known as eczema, and an approved medicated cloth for excessive armpit sweating.

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Lilly has agreed to pay $18.75 per share or a 2.2% premium to Dermira's last closing price. Lily said the price represented an about 86% premium to the 60-day volume-weighted average trading price of Dermira's Friday closing price.

Dermira shares have doubled in the last one month.

Evercore was the exclusive financial adviser for Lilly, while Dermira's financial advisers were SVB Leerink and Citi, the lead adviser.

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