Lilly to buy Loxo Oncology for about Sh800b in cancer bet : The Standard

Reuters
Posted on: 07th Jan 2019 14:56:37 GMT +0300

Lilly to buy Loxo Oncology for about $8 billion in cancer genetics bet.

Eli Lilly and Co said on Monday it would buy Loxo Oncology Inc for about $8 billion in cash, buying into a portfolio of targeted medicines to treat cancers caused by rare gene mutations. The offer of $235 per share in cash represents a premium of about 68 percent to Loxo’s Friday close. Loxo’s shares surged 32.8 percent to $185.70 in light trading before the bell, while those of Lilly dropped 2.7 percent to $111.60. Last year, U.S. regulators approved Loxo’s first commercial medicine, Vitrakvi, which was shown to be effective against a wide variety of cancers driven by a single, rare genetic mutation. The drug is sold in partnership with Bayer AG. Loxo Oncology is developing a pipeline of targeted medicines focused on such cancers that can be detected by genomic testing.
SEE ALSO :Milestone? Kenya’s cancer 'cure' set for decisive trials
Deutsche Bank is Lilly’s financial adviser and Weil, Gotshal & Manges LLP is its legal adviser. Goldman Sachs & Co LLC is the financial adviser, while Fenwick & West LLP is legal adviser to Loxo.
Related Topics
Eli Lilly and Co Loxo Oncology Inc Cancer bet cancer treatment

Related Topics

Related reporting

Kenya Police Set to Get New Uniform as Ruto Prepares for Kiganjo Unveiling

Ruto Announces KSh1.2 Billion University for Emurua Dikirr

Kenya Nurses' Strike Enters Fourth Week as Talks With Counties Show Progress

18 Elephants Die in Amboseli as Four Suspects are arrested