Updated: Not known for gene therapy plays, Eli Lilly acquires hearing loss startup Akouos for $487M plus CVR
Eli Lilly is jumping into gene therapies for the ear.
The Big Pharma announced early Tuesday that it will acquire Boston biotech Akouos for a 78% premium over Monday’s closing price. Akouos closed at $7.01 per share Monday afternoon, while Lilly is paying $12.50 per share. Lilly is also shelling out one contingent value right (CVR) for up to $3 a share.
In all, it’s a $487 million buyout with another $123 million on the table if the CVR hits — good for $610 million in total. Eli Lilly and Akouos both declined to comment beyond their press releases.
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