Eli Lilly CEO David Ricks

Eli Lil­ly picks up gene ther­a­py play­er Pre­vail in deal worth $1B+, mak­ing good on bolt-on pledge from ear­li­er this year

Back in Jan­u­ary, In­di­ana’s Eli Lil­ly tout­ed its plan to tack on a suite of most­ly ear­ly-stage as­sets in tar­get­ed ther­a­peu­tic ar­eas a la its $1.1 bil­lion pick­up of Der­mi­ra. In the fi­nal days of 2020, Lil­ly con­tin­ues to make good on that promise, ac­quir­ing a neu­rode­gen­er­a­tive dis­ease play­er to flesh out its ear­ly-stage pipeline and snag a bet­ter foothold in gene ther­a­py.

Lil­ly will shell out up to $1.04 bil­lion to ac­quire Pre­vail, pay­ing $22.50 per share in cash at clos­ing plus a $4 con­tin­gent-val­ue right (CVR) based on one of Pre­vail’s AAV9 gene ther­a­pies for neu­rode­gen­er­a­tive dis­eases re­ceiv­ing an ap­proval in one of a group of de­vel­oped na­tions by Dec. 31, 2024, the com­pa­nies said in a re­lease Tues­day.

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