Eli Lilly completes $2.4bn acquisition of DICE Therapeutics
Eli Lilly and Company (Lilly) has finalized its acquisition of DICE Therapeutics, Inc. (NASDAQ: DICE) for $2.4 billion, bolstering its immunology portfolio with the inclusion of the latter’s innovative oral therapeutic candidates.
This acquisition, made in an all-cash transaction, will incorporate DICE Therapeutics’ breakthrough DELSCAPE technology platform, designed for developing advanced oral therapeutic candidates. Specifically, the platform has the ability to develop selective oral small molecules with the potential to control protein-protein interactions, comparable to systemic biologics.
DICE Therapeutics’ leading candidates are oral antagonists of the pro-inflammatory signaling molecule, IL-17, crucial in numerous immunology indications. Additionally, DICE Therapeutics is advancing oral therapeutic candidates aiming at the integrin α4ß7, instrumental in treating inflammatory bowel diseases.
Eli Lilly wraps up previously announced acquisition of DICE Therapeutics. Photo courtesy of Momoneymoproblemz/Wikimedia Commons.
The deal, which was announced in June 2023, culminated with Lilly’s tender offer to purchase all of DICE Therapeutics’ common stock at $48 per share. As of August 8, 2023, 88.4% of the shares were acquired, leading to DICE Therapeutics’ delisting from the NASDAQ Global Market.
Ajay Nirula, senior vice president of immunology at Lilly, stated, “Since our founding nearly 150 years ago, we’ve strived to make life better for people around the world. With the expertise of our new colleagues from DICE, we’re poised to continue our mission of discovering and delivering transformative medicines for patients with chronic immunologic diseases.”
Regarding the acquisition, Kirkland & Ellis LLP is providing legal counsel for Lilly, while DICE Therapeutics is represented by Centerview Partners LLC as financial advisor and Fenwick & West LLP as legal counsel.