DICE Therapeutics is purchased by Eli Lilly for $2.4 billion

After Eli Lilly (LLY) decided to buy the biopharma company for $2.4 billion, shares of DICE Therapeutics (DICE) rocketed and reached an all-time high on Tuesday morning.
By: Medical Infralytix Pvt Ltd
CHAM, Switzerland - June 23, 2023 - PRLog -- Eli Lilly said that it will acquire DICE for $48 per share, representing a 39.1% premium over the stock's Friday closing price. Eli Lilly said that the purchase was not contingent on financing and that a third-quarter closing was anticipated.

The action could improve Eli Lilly's line of anti-inflammatory and autoimmune medications. DICE uses a unique technological platform to provide oral therapeutic solutions for certain diseases. Psoriasis and other conditions linked to the pro-inflammatory Interleukin 17 protein are the focus of its primary program in Phase 2 clinical trials.

Executive vice president, president of Lilly Immunology and Lilly USA, and chief customer officer Patrik Jonsson said that the merger "will enhance our efforts to make life better for people living with devastating autoimmune diseases."

In teaming forces with Eli Lilly, DICE CEO Kevin Judice said that their "novel approach to discovering and advancing oral, small molecules against validated protein-protein interaction targets has even greater potential."

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