Lilly Completes $2.4-Bn Acquisition of Dice Therapeutics
Eli Lilly and Company has completed its $2.4-billion acquisition of DICE Therapeutics, a South San Francisco, California-based bio/pharmaceutical company. The acquisition was announced in June (June 2022).
DICE has a proprietary technology platform, Delscape, for developing oral therapeutic candidates to treat chronic diseases in immunology. DICE’s lead candidate is DC-806, a small-molecule inhibitor of the pro-inflammatory signaling molecule, IL-17, a drug target for psoriasis and a variety of autoimmune and inflammatory diseases. DICE is also developing oral therapeutic candidates targeting the integrin α4ß7 for the treatment of inflammatory bowel disease.
Lilly initially acquired 88.4% of the outstanding shares of common stock of DICE, at a purchase price of $48 per share in cash. Following completion of the tender offer, Lilly completed the acquisition of DICE through a previously planned second-step merger.
Source: Eli Lilly and Company