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

February 4, 2023

MedTrace receives U.S. patent for diagnosing the human heart

Life sciences

The U.S. Patent and Trademark Office issued a patent to MedTrace for their method of diagnosing the human heart via 15O-water PET. The patented method is the foundation of the company’s software aQuant, currently under development. Hendrik “Hans” Harms, PhD and Senior Scientist at MedTrace, and Jens Soerensen, Professor and Clinical Advisor to MedTrace, are the originators of the method.

February 4, 2023

Roche taps insider Teresa Graham for top pharma job as setbacks prompt M&A questions

Life sciences

Teresa Graham, currently head of global product strategy for Roche pharma, will become the division’s new CEO next month, Roche said Thursday. Simultaneously, Roche is elevating Levi Garraway, chief medical officer, to the executive committee.

February 4, 2023

J&J’s pharma group quietly works through global overhaul, with layoffs expected to reach multiple countries

Life sciences

Fierce Pharma has obtained internal documents and video of a town hall meeting conducted this week describing what J&J called a “comprehensive review” of its portfolio. Moving forward, J&J plans to operate its vaccines and infectious diseases outfits as one group, the executives explained.

How can we help you?

We're easy to reach