Dice Therapeutics hits record high on $2.4 bln buyout deal by Eli Lilly

Dice Therapeutics

20/06/2023 16:39

(Updates)
    ** Shares of drug developer Dice Therapeutics Inc  DICE.O 
surge 37.5%, hitting a record high at $46.54
    ** Stock among top three pct. gainers across U.S. stock
exchanges
    ** Eli Lilly and Co  LLY.N  will acquire DICE in an all-cash
deal worth about $2.4 bln to bolster its immune disease-related
portfolio
    ** The deal helps Lilly gain Dice's lead drug, DC-806, an
oral pill being tested in a mid-stage trial to treat skin
condition psoriasis
    ** Lilly's offer of $48 per share in cash is about 42%
premium to DICE's last close
    ** Companies expect to close deal in third quarter, subject
to regulatory clearances
    ** Analysts expect little risk of antitrust concerns over
the acquisition
    ** The Dice deal comes when the U.S. Federal Trade
Commission's attempt to stop Amgen Inc's  AMGN.O  $27.8 bln
acquisition of Horizon Therapeutics  HZNP.O  has sparked worries
over tighter scrutiny of pharma sector buyouts
    ** Including session's gains, DICE stock up ~49% YTD
    

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))