$1.1 billion deal gives Lilly novel dermatitis candidate
A $1.1 billion all-cash agreement will see dermatology specialist Dermira (Nasdaq: DERM) purchased by Eli Lilly (NYSE: LLY), the firm announced on Friday.
Dermira stock, which has more than doubled in the last month, was up 4% in pre-market trading, while Lilly shares were unmoved. The transaction should be completed by the end of the quarter.
The purchase will enable Lilly to boost its immunology pipeline, primarily with the addition of lebrikizumab, a novel monoclonal antibody designed to bind interleukin (IL)-13, currently in Phase III testing.
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