Eli Lilly expands pain management portfolio with acquisition
Eli Lilly (NYSE: LLY) has announced plans to enhance its existing portfolio in pain management for migraine, while adding a potential near-term launch to its late-stage pipeline.
The US pharma major says it has reached an agreement to acquire CoLucid Pharmaceuticals (Nasdaq: CLCD) for $46.50 per share - a 33% premium to the stock’s closing price on Tuesday - or around $960 million. CoLucid shares leapt 32.7% to $46.30 in pre-market trading today.
The transaction is expected to close by the end of the first quarter of 2017, subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions.
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