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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