{"id":25129,"date":"2023-06-20T16:36:22","date_gmt":"2023-06-20T20:36:22","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/eli-lilly-to-buy-dice-therapeutics-in-2-4-billion-autoimmune-disease-push\/"},"modified":"2023-06-20T16:36:24","modified_gmt":"2023-06-20T20:36:24","slug":"eli-lilly-to-buy-dice-therapeutics-in-2-4-billion-autoimmune-disease-push","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=25129","title":{"rendered":"Eli Lilly to Buy DICE Therapeutics in $2.4 Billion Autoimmune Disease Push"},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n
<\/div>\n<\/figure><\/div>\n

\n Eli Lilly
\n has agreed to buy
\n DICE Therapeutics
\n in a $2.4 billion cash deal that reflects Lilly\u2019s ambitions in immunology, a hot market where the company has lagged behind its coompetitors.<\/p>\n

\n Lilly
\n (ticker: LLY) said that its acquisition of
\n DICE
\n (DICE) would allow it to leverage the company\u2019s developing treatments aiding chronic diseases in immunology, marking a push into treating autoimmune disorders from the 147-year-old healthcare company.<\/p>\n

\n

Shares in Lilly shed 0.2% in premarket trading on Tuesday. DICE stock jumped 38% to $46.59.<\/p>\n

Lilly, which runs neck-and-neck with
\n Johnson & Johnson
\n (JNJ) for the title of largest biopharma firm by market capitalization, is a dominant player in treatments for diabetes and obesity. But it has trailed behind rivals in marketing treatments for autoimmune conditions, an area that has produced many of the industry\u2019s biggest blockbusters over the past decade. <\/p>\n

Lilly\u2019s Taltz, which treats a number of conditions including plaque psoriasis, sold $2.5 billion last year, far short of
\n AbbVie
\n \u2018s (ABBV) megablockbuster Humira, which sold $21.2 billion last year. The drugs address similar conditions.<\/p>\n

\u201cWe are aiming to be a top player in\u00a0immunology,\u201d Lilly\u2019s head of immunology, Patrik Jonsson, told investors at a
\n Bank of America
\n conference in May.<\/p>\n

The
\n DICE Therapeutics
\n deal seems aimed at helping Lilly get there. DICE is developing two drugs in the category known as IL-17 inhibitors as treatments for psoriasis and other chronic immunology indications. One of them, DC-806, is in a Phase 2 trial.<\/p>\n

\u201cWe\u2019re eager to see our pipeline, including our oral IL-17 inhibitors, DC-806 and DC-853, benefit from\u00a0Lilly\u2019s resources and global reach,\u201d DICE CEO Kevin Judice said in a statement.<\/p>\n

The deal, for $48 a share, has been approved by the boards of both companies and represents a represents a premium of around 40% to the 30-day volume-weighted average trading price of DICE stock. The takeover is expected to close in the third quarter of 2023 subject to conditions including antitrust clearance.<\/p>\n

\u201cIn combination with its novel technology and expertise in drug discovery, Dice\u2019s talented workforce and passion for innovation will enhance our efforts to make life better for people living with devastating autoimmune diseases,\u201d\u00a0Patrik Jonsson, president of Lilly Immunology and Lilly USA, as well as the company\u2019s chief customer officer, said in a statement.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Eli Lilly has agreed to buy DICE Therapeutics in a $2.4 billion cash deal that reflects Lilly\u2019s ambitions in immunology, a hot market where the company has lagged behind its coompetitors. Lilly (ticker: LLY) said that its acquisition of DICE (DICE) would allow it to leverage the company\u2019s developing treatments aiding chronic diseases in immunology, […]<\/p>\n","protected":false},"author":1,"featured_media":25130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-25129","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nEli Lilly to Buy DICE Therapeutics in $2.4 Billion Autoimmune Disease Push | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Eli Lilly has agreed to buy DICE Therapeutics in a $2.4 billion cash deal that reflects Lilly\u2019s ambitions in immunology, a hot market where the company\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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