Playing catch-up, Eli Lilly swoops in with $1.6B cash deal for Armo Bio and its promising PhIII cancer drug
Eli Lilly’s BD team is on the march, and as promised they’re staying carefully focused on oncology.
This morning Lilly $LLY announced that it has acquired Armo BioSciences $ARMO for $1.6 billion in cash — just a few months after their successful IPO debut on Nasdaq. This is a biotech that independent investor Brad Loncar recently dubbed as the “next Nektar,” comparing Armo to one of the darlings in immuno-oncology which also has a strategy involving cytokine immuno-stimulatory therapies.
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