Eli Lil­ly nabs CoLu­cid and a PhI­II mi­graine drug in $960M buy­out

Eli Lil­ly’s new CEO has pulled off his first M&A deal.

The phar­ma gi­ant $LLY is buy­ing CoLu­cid $CLCD for $960 mil­lion, adding some pain meds to the pipeline, in­clud­ing a mi­graine pro­gram now in late-stage de­vel­op­ment.

The ob­ject of Lil­ly’s af­fec­tion is las­mid­i­tan, an oral 5-HT ag­o­nist that was orig­i­nal­ly de­vel­oped by Lil­ly and then out-li­censed to CoLu­cid in 2005. That pro­gram joins Lil­ly’s Phase III mi­graine drug gal­canezum­ab — a CGRP ther­a­py in a crowd­ed field of play­ers — and a col­lab­o­ra­tion the phar­ma gi­ant has with Pfiz­er on tanezum­ab, an NGF drug.

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