Eli Lilly plans to acquire Loxo Oncology for $8 billion in cash to expand its portfolio of cancer medications, according to CNBC.
Loxo Oncology is developing a pipeline of targeted oncology treatments, including those focused on cancers that can be detected by genomic testing. Last year, the FDA approved Loxo's Vitrakvi, which proved to be effective against a variety of cancers caused by a rare genetic mutation.
"We'd like to grow our presence in oncology. We have a good set of medicines there, but we’d like to expand that because there's so much exciting science for patients emerging in oncology to invest in," Eli Lilly CEO David Ricks told CNBC.
The acquisition comes just a few days after Bristol-Myers Squibb announced plans to buy Celgene for $74 billion in cash and stock — one of the largest deals in pharma history.