Lilly Paying $8 Billion for Loxo Oncology During JPM2019
JPMorgan Healthcare Conference week brings forth another sizable deal as Lilly (LLY) will commence a tender offer to acquire all outstanding shares of Loxo Oncology (LOXO) for a purchase price of $235.00 per share in cash, or approximately $8.0 billion.
Lilly is reported to be making a bet on a pipeline of cancer drugs that target rare genetic mutation. Loxo Oncology is a biopharmaceutical company focused on the development and commercialization of highly selective medicines for patients with genomically defined cancers. Their pipeline focuses on cancers that are uniquely dependent on single gene abnormalities, such that a single drug has the potential to treat the cancer with dramatic effect. They believe that the most selective, purpose-built medicines have the highest probability of maximally inhibiting the intended target, with the intention of delivering best-in-class disease control and safety. For more information, please visit the company’s website at http://www.loxooncology.com.