Eli Lilly to acquire Dice Therapeutics for $2.4 billion

Eli Lilly On Tuesday he said he hit a A deal worth $2.4 billion to get Dice treatments Try to increase its size treatment portfolio for immune-related diseases.

Eli Lilly will pay $48 per share in cash to buy the dice, which is about a 40% premium to San’s place Francisco based companyIts shares closed on Friday. The deal is expected to close in the third quarter of this year.

Eli Lilly’s share price was up more than 1% in early morning trading. Dice Therapeutics’ share price jumped more than 37% to just below its purchase price.

Patrick Johnson, executive vice president of Eli Lilly, said: press release.

Dice is a biopharmaceutical company that uses a proprietary technology platform to develop new oral therapeutic drugs for autoimmune diseases, in which the body’s immune system mistakenly attacks a person’s cells instead of protecting them.

Autoimmune diseases can cause pain, fatigue, dizziness, depression, and rashes, among other symptoms.

There are more than 100 known autoimmune diseases, including lupus, rheumatoid arthritis, Crohn’s disease, and ulcerative colitis.

Dice’s lead drug is in the middle of an experimental phase for an immune-related skin condition called psoriasis.

Eli Lilly’s immunology group includes drugs like Taltz, which treats plaque psoriasis, and Olumiant, which is a treatment for rheumatoid arthritis. Last year, Taltz raised $2.48 billion, while Olumiant generated $830.5 million in sales.