Eli Lilly plans to acquire Dice Therapeutics — a biopharmaceutical company that develops oral therapeutics for autoimmune diseases — in a deal valued at $2.4 billion.
In the deal expected to close in the third quarter, Eli Lilly will buy Dice for $48 per share in cash, according to a June 20 joint news release from the companies. Dice uses proprietary technology to develop oral therapeutic drugs to treat autoimmune diseases. The company has inhibitors in clinical development, and its lead drug is for psoriasis and is in a midstage trial, according to CNBC.
"In combination with its novel technology and expertise in drug discovery, Dice's talented workforce and passion for innovation will enhance our efforts to make life better for people living with devastating autoimmune diseases," Patrik Jonsson, executive vice president at Eli Lilly, said in a the release.