Organovo rises five-fold as Eli Lilly acquires co's FXR program

VivoSim Labs

25/02/2025 18:43

Updates

** Shares of Organovo Holdings ONVO.O rise nearly five-fold to an over one-year high of $1.83

        ** Stock on track for its best day ever, if gains hold

** ONVO says it is selling its FXR program, including lead asset FXR314, to Eli Lilly LLY.N

** ONVO's FXR program is focused on developing novel treatment approaches for inflammatory bowel disease

** LLY will pay ONVO $10 mln upfront and $50 mln if certain milestones are met in future, according to agreement

** LLY is acquiring all commercial and intellectual property rights to Organovo's FXR program for worldwide development

** Acquisition will allow Eli Lilly to further develop FXR314, starting from mid-stage, ONVO says

** ONVO fell ~68% in 2024

 (Reporting by Kamal Choudhury and Padmanabhan Ananthan)

 ((Kamal.Choudhury@thomsonreuters.com;))