Wednesday, 10 July 2024

Eli Lilly To Acquire Morphic Holding In Multi-Billion-Dollar Deal

by BD Banks

Eli Lilly To Acquire Morphic Holding In Multi-Billion-Dollar Deal

Analysts have speculated that Eli Lilly’s success with its weight-loss drug Zepbound helped to materialise this noteworthy deal. The firm agreed to pay $57 per Morphic share, which is 79% more than the MORF trading price clocked at market close on Friday 5 July 2024.

Bloomberg reported that Dave Ricks, Eli Lilly’s CEO, previously committed to branching out its specialisations with new acquisitions. Morphic stock has only gained about 10% so far this year after a clinical trial miss sparked a significant sell-off in September 2023. The market response to this agreement signifies a favourable shift for MORF stakeholders.


Don’t miss out the latest news, subscribe to LeapRate’s newsletter


Morphic’s α4β7 integrin small-molecule inhibitor to treat inflammatory bowel disease (IBD) shows potential and is reportedly being evaluated in investigations focusing on ulcerative colitis and Crohn’s disease. The company’s other therapeutics target autoimmune diseases, pulmonary hypertensive conditions and cancer, among others. Dr Daniel Skovronsky, Eli Lilly’s chief scientific officer and president of research laboratories and immunology, commented:

We are eager to welcome Morphic colleagues to Lilly as this strategic transaction reinforces our commitment to developing new therapies in the field of gastroenterology, where Lilly has made significant investments to deliver first-in-class molecules for the benefit of patients.

Praveen Tipirneni, Morphic’s current CEO, said that Eli Lilly is the “ideal strategic partner” and this agreement will help to realise benefits for patients suffering from IBD.

The post Eli Lilly To Acquire Morphic Holding In Multi-Billion-Dollar Deal appeared first on LeapRate.

signup-banner

Loading