News briefing: Eli Lilly completes $1B+ Prevail buyout; Elzonris approved in Europe for adults
Eli Lilly’s $1.04 billion takeover of Prevail Therapeutics is officially complete, the company announced Friday.
The sides had entered into the buyout agreement last month with Lilly focusing on Prevail’s pipeline of gene therapies, highlighting two AAV9 programs in Parkinson’s disease and frontotemporal dementia as potential winners. Lilly paid $22.50 per share, which amounted to an 82% premium over the previous day’s closing price and a 117% premium over Prevail’s 60-day average.
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