Sector News

Lilly to buy CoLucid for $960 mln

January 18, 2017
Life sciences

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)

Source: Reuters

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