Dice Therapeutics rallies as it agrees to be bought by Lilly

Dice Therapeutics Inc.
DICE,
+37.22%
stock is up by 40% in premarket trades Tuesday after it agreed to be purchased by Eli Lilly & Co.
LLY,
+0.97%
for $48 a share in a deal that values the immunology company at about $2.4 billion. The price values Dice at a 40% premium over the 30-day, volume-weighted average trading price of its stock as of June 16. “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,” said Dice CEO Kevin Judice. Lilly stock is down 0.2% in premarket trades.