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1/10, 12:48 PM (Source: TeleTrader)
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Lilly to acquire Dermira for $1.1B

Eli Lilly and Company entered a definitive agreement to buy Dermira, Inc. for $1.1 billion in an all-cash transaction, the Indiana-based pharmaceutical company said in a press release on Friday.

The acquisition values Dermira's stock at $18.75 per share, an 86% premium to the 60-day volume-weighted average trading price of the biopharmaceutical company ending January 9. The purchase is expected to close in the first quarter of 2020 and is subject to customary regulatory approval.

"The acquisition of Dermira is consistent with Lilly's strategy to augment our own internal research by acquiring clinical phase assets in our core therapeutic areas and leveraging our development expertise and commercial infrastructure to bring new medicines to patients. This acquisition provides an opportunity to add a promising Phase 3 immunology compound for atopic dermatitis, while also adding an approved dermatology treatment for primary axillary hyperhidrosis," Lilly senior VP Patrik Jonsson stated.

Breaking the News / MD