Lilly punts $2.4 billion on DICE Therapeutics

In a bid to expand its portfolio of immune related diseases, US pharma major Eli Lilly (NYSE: LLY) today announced a definitive agreement to acquire California-based immunology company DICE Therapeutics (Nasdaq: DICE), whose shares soared up 37.7% to $46.62 in pre-market activity.

DICE is a biopharmaceutical company that leverages its proprietary DELSCAPE technology platform to develop novel oral therapeutic candidates, including oral interleukin (IL)-17 inhibitors currently in clinical development, to treat chronic diseases in immunology.

"In combination with its novel technology and expertise in drug discovery, DICE's talented workforce and passion for innovation will enhance our efforts to make life better for people living with devastating autoimmune diseases," said Patrik Jonsson, executive vice president, president of Lilly Immunology and Lilly USA, chief customer officer, adding: "We welcome DICE colleagues to Lilly and, together, we can tackle the challenges ahead in finding new treatments for patients with significant unmet medical needs."