(Reuters) -Eli Lilly and Co will buy Dice Therapeutics Inc in an all-cash deal for about $2.4 billion, the companies said on Tuesday, to beef up its autoimmune treatment portfolio.
Dice’s lead drug is currently in a mid-stage trial for a immune-related skin condition called psoriasis, as well as other chronic immune-related diseases.
Lilly currently has immunology drugs like Taltz and Olumiant in its portfolio. In 2022, Taltz garnered $2.48 billion while Olumiant generated $830.5 million in sales.
Lilly has offered Dice $48 per share in cash, a premium of about 42% to the stock’s last close. Shares of Dice were up 37.4% premarket on Tuesday.
The companies expect to close the deal in the third quarter, subject to regulatory clearances.
(Reporting by Leroy Leo and Khushi Mandowara in Bengaluru, Editing by Sriraj Kalluvila)
