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Eli Lilly to acquire Loxo Oncology for $8 billion

Eli Lilly to acquire Loxo Oncology for $8 billion

Washington:  -Pharmaceutical giant Eli Lilly will acquire cancer treatment specialist Loxo Oncology in a cash deal valued at around $8 billion, the companies said on Monday.

The firms “announced a definitive agreement for Lilly to acquire Loxo Oncology for $235.00 per share in cash, or approximately $8.0 billion,” a statement said.

The deal — which represents a premium of some 68 per cent over Loxo Oncology’s closing share price on Friday — is expected to close by the end of the first quarter, the statement said.

Read Also: Eli Lilly considers the sale of off-patent drug assets in China

The announcement is the latest in a series of major pharmaceutical deals: last week, Bristol-Myers Squibb said it would buy biotech firm Celgene in a $74 billion cash-and-stock agreement, creating a rival to the world’s largest drug makers.

Other recent large pharma deals include French company Sanofi’s purchase of US haemophilia group Bioverativ for $11.6 billion and Novartis’ $8.7 billion acquisition of rare-disease treatment company AveXis.

Read Also: Eli Lilly buys Rs 736 Crore stake in gene-silencing drug firm Dicerna

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MD Team

MD Team

At Medical Dialogues, we are a team of young professionals strongly advocating of the transparency in the medical sector through the free flow of medical information, health and medical news. MD Team covers a variety of news related to the healthcare, pharma and medical device industry in India. Our team can be contacted at Contact no. 011-43720751

Source: AFP
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