Eli Lilly and Co said it would buy CoLucid Pharmaceuticals Inc for about $960 million to gain access to its experimental treatment for migraine.
Lilly, which has its own migraine-prevention drug in development, has agreed to pay $46.50 per CoLucid share, a premium of about 33 percent to the stock’s Tuesday close.
Migraine is a large but under-treated condition that affects roughly 36 million Americans. (Reporting by Natalie Grover in Bengaluru; Editing by Sriraj Kalluvila)
The agreement, signed last month, includes an upfront payment of $1bn and $400m in regulatory milestone payments. The acquisition introduces AIO-001, a long-acting anti-thymic stromal lymphopoietin (TSLP) monoclonal antibody, into GSK’s pipeline.
Vertex Pharmaceuticals and CRISPR Therapeutics have scored another regulatory approval for Casgevy (exagamglogene autotemcel) after the European Commission granted conditional marketing authorisation to the gene therapy.
US biopharmaceutical company Gilead Sciences is to acquire CymaBay Therapeutics for $4.3 billion. Gilead offered to purchase all outstanding shares of CymaBay for $32.50 per share in cash. CymaBay, based in the US near San Francisco, California, has developed the investigational drug seladelpar, which is currently in clinical Phase 3.