David Ricks, CEO, Eli Lilly
Scott Mill | CNBC
Eli Lilly announced on Tuesday that it had closed a $2.4 billion acquisition deal cube therapeutics to expand its treatment portfolio for immune-related diseases.
Eli Lilly will pay $48 per share in cash to purchase Dice, a premium of about 40% to the closing price of the San Francisco-based company’s shares on Friday. The transaction is expected to close in the third quarter of this year.
“Combined with its novel technology and drug discovery expertise, DICE’s talented people and passion for innovation will enhance our efforts to improve the lives of people living with devastating autoimmune diseases,” said Patrik Jonsson, Executive Vice President of Eli Lilly, release in a press release.
Dice is a biopharmaceutical company that uses a proprietary technology platform to develop new oral therapeutics for autoimmune diseases, in which the body’s immune system mistakenly attacks a person’s own cells instead of protecting them. Autoimmune diseases can cause pain, fatigue, dizziness, depression, and skin rashes, among other things.
More than 100 autoimmune diseases are known, including lupus, rheumatoid arthritis, Crohn’s disease and ulcerative colitis.
Dice’s lead drug is in mid-stage trials for treating an immune-related skin condition called psoriasis.
Eli Lilly’s immunology portfolio includes drugs such as Taltz, for the treatment of plaque psoriasis, and Olumiant, for the treatment of rheumatoid arthritis. Last year, Taltz made $2.48 billion, while Olumiant made $830.5 million in revenue.
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