Sector News

Lilly completes acquisition of CoLucid Pharmaceuticals

March 1, 2017
Life sciences

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

comments closed

Related News

May 15, 2022

Novo Nordisk and Flagship Pioneering announce a strategic collaboration to create a portfolio of transformational medicines

Life sciences

The companies will explore opportunities to apply Flagship’s innovative bioplatforms – an ecosystem that currently comprises 41 companies – to scientific challenges in disease areas within cardiometabolic and rare diseases and initiate research programmes based on these.

May 15, 2022

BD, Babson set sights on bringing simple blood collection into the home

Life sciences

BD is expanding its long-running partnership with the blood collection company Babson Diagnostics. The two companies have been working together since 2019 on a device that can gather small volumes of blood from the capillaries in the fingertip without requiring any specialized training, and beginning with a focus on supporting primary care in retail settings.

May 15, 2022

CSL’s $11.7B Vifor buy, 2021’s biggest biopharma M&A deal, hits antitrust delay

Life sciences

Wednesday, Australian biotech CSL said (PDF) the regulatory review of its $11.7 billion acquisition of Switzerland’s Vifor Pharma will take “a few more months,” suggesting it won’t be able to close the transaction by June 2022 as previously expected.