Eli Lilly Acquires Morphic for $3.2 Billion
The acquisition aims to bolster Eli Lilly's pipeline with Morphic's experimental treatments for inflammatory bowel disease and other chronic conditions.
- Eli Lilly will pay $57 per share, a 79% premium over Morphic's last closing price.
- Morphic's lead drug, MORF-057, is in Phase 2 trials for ulcerative colitis and Crohn's disease.
- The deal is expected to close in the third quarter of 2024, pending regulatory approval.
- Morphic's portfolio also includes treatments for autoimmune diseases, pulmonary hypertension, and cancer.
- Shares of Morphic surged over 75% following the announcement, while Eli Lilly's shares saw minimal change.
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