June 21, 2023
M&A | Tea Leaves
  • Eli Lilly announced Tuesday that it has entered into a deal to acquire Dice Therapeutics for $2.4 billion, a move that will bulk up its treatment portfolio for immune-related diseases. Dice is a biopharmaceutical company that uses a proprietary technology platform to develop new oral therapeutic drugs for autoimmune diseases, in which the body’s immune system mistakenly attacks a person’s own cells instead of protecting them. Eli Lilly’s stock price rose more than 1 percent in early morning trading, and Dice Therapeutics’ share price jumped more than 37 percent to just under the purchase price. (Articles here, here, and here; Press release here)