Eli Lilly is making a splash in the fast-moving, highly competitive field of cancer immunotherapy. With a $1.6 billion cash deal to acquire Armo BioSciences, the Indianapolis company has placed one of the boldest bets yet that cytokine drugs could be critical in expanding immunotherapy’s reach.
This morning, Lilly (NYSE: LLY) agreed to pay $50 per share, which is a nearly 68 percent premium to Armo’s closing price Wednesday. Redwood City, CA-based Armo (NASDAQ: ARMO) just went public in January at $17 per share. Its lead drug is in late-stage testing for pancreatic cancer.
With the deal, Lilly is… Read more »
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