Eli Lilly and Company today announced the successful completion of its acquisition of CoLucid Pharmaceuticals, Inc. The tender offer for all outstanding shares of common stock of CoLucid, at a price of $46.50 per share, expired as scheduled on Tuesday, February 28, 2017.
As of the expiration of the tender offer, 17,410,607 shares of CoLucid common stock were validly tendered, representing approximately 90.3 percent of the shares outstanding, and have been accepted for payment under the terms of the tender offer. Following its acceptance of the tendered shares, Lilly completed the acquisition of CoLucid through a second-step merger.
“We are pleased to announce the completion of our acquisition of CoLucid, which will enhance Lilly’s existing pain management portfolio and add a potential near-term launch to our late-stage pipeline,” said David R. Ricks, president and chief executive officer. “More than 36 million people suffer from migraine in the United States alone, and lasmiditan could represent the first significant innovation for the acute treatment of migraine in more than 20 years.”
The impact of the acquisition, including the expected acquired in-process research and development charge of approximately $850 million (no tax benefit), or approximately $0.80 per share, will be reflected beginning in Lilly’s first-quarter 2017 financial statements. The company’s 2017 earnings per share guidance on a reported basis is reduced by the estimated amount of the charge, or $0.80 per share, as previously stated in the company’s fourth-quarter earnings announcement in January of this year. There is no change to the company’s 2017 non-GAAP earnings per share guidance as a result of this transaction.
Source: Eli Lilly and Company
Novartis will acquire Mariana’s lead candidate MC-339, a radioligand therapy (RLT) designed to target small-cell lung cancer. Last year, Mariana had raised $175m in a Series B round from several funds and pharma giant Eli Lilly.
The company’s aspiration to expand the use of its obesity products to cardiovascular indications has been successful. In March, its blockbuster drug Wegovy was approved by the US Food and Drug Administration (FDA) for reducing the risk of cardiovascular diseases in obese or overweight adults.
Massachusetts-based Deciphera brings to the table an extensive kinase inhibitor pipeline, kinase drug discovery expertise, and a strong commercial and sales platform in the US and European markets that is meant to advance Ono’s capabilities and presence in the oncology space.
