Shares of the biopharmaceutical company, DICE Therapeutics (NASDAQ: DICE) surged in pre-market trading at the time of publishing on Tuesday after it was acquired by Eli Lilly (LLY) for a purchase price of $48 per share in cash for an aggregate value of around $2.4 billion.
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The acquisition is expected to close in the third quarter of this year and the purchase price indicates a premium of around 40% to the 30-day volume-weighted average trading price of DICE’s common stock ended on June 16.
Kevin Judice, Ph.D., CEO of DICE Therapeutics, stated, “We’re eager to see our pipeline, including our oral IL-17 inhibitors, DC-806 and DC-853, benefit from Lilly’s resources and global reach and I’m excited by the prospect of watching these two talented teams in a united quest for scientific innovation.
In the past year, DICE stock has surged by more than 100% in the past year.