Eli Lilly and Company is to acquire Loxo Oncology Inc, a developer of cancer therapies targeting genetic abnormalites, for $8 billion. The transaction was announced only days after Bristol-Myers Squibb Co said it was taking over Celgene Corp for $74 billion, also an oncology-directed deal.
The agreed deal will take place via a tender offer by Lilly for all of the outstanding shares of Loxo for $235 per share in cash, representing a premium of approximately 68% over Loxo’s closing stock price on 4 January.