David Ricks, Eli Lilly CEO (Carolyn Kaster/AP Images)

Lil­ly inks $2.4B cash deal to buy DICE and its im­munol­o­gy pipeline

Eli Lil­ly is join­ing the “blis­ter­ing” pace of M&A this year as it bets $2.4 bil­lion in cash on DICE Ther­a­peu­tics, a pub­licly trad­ed biotech with oral IL-17 in­hibitors in the clin­ic.

DICE’s stock $DICE soared about 38% in pre­mar­ket trad­ing on Tues­day morn­ing af­ter Lil­ly said it’s buy­ing the South San Fran­cis­co biotech, which has a small mol­e­cule in­hibitor called DC-806, for pso­ri­a­sis and oth­er au­toim­mune and in­flam­ma­to­ry dis­eases in Phase II clin­i­cal tri­als. It marks a re­turn to oral IL-17s for Lil­ly, which scrapped its own ear­ly-stage project last year.

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