Lilly strengthens in I-O with $1.6 billion deal
A week after appointing a key staff member to drive its bid to become a big player in the burgeoning immuno-oncology (I-O) space, Eli Lilly (NYSE: LLEY) has announced an acquisition to further the mission.
The US drug major is to acquire ARMO BioSciences (Nasdaq: ARMO) for $50 per share, or approximately $1.6 billion, in an all-cash transaction.
California-based ARMO is a late-stage I-O company that is developing a pipeline of novel, proprietary product candidates designed to activate the immune system of cancer patients to recognize and eradicate tumors.
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