Dice Therapeutics to be acquired by Eli Lilly in $2.4 billion deal

Eli Lilly








announced on Tuesday that it has entered into a strategic deal valued at $2.4 billion to acquire

Dice Therapeutics







. This strategic move will strengthen Eli Lilly’s treatment portfolio for immune-related diseases.

The deal will involve Eli Lilly acquiring Dice Therapeutics at a price of $48 per share in cash, which represents about a 40% premium over Dice’s closing share price on Friday. The transaction is expected to be completed in the third quarter of this year.

“In combination with its innovative technology and drug discovery expertise, the talented team at Dice Therapeutics will enhance our efforts to improve the lives of individuals suffering from debilitating autoimmune diseases,” said Patrik Jonsson, Executive Vice President of Eli Lilly, in a press release.

Dice Therapeutics is a biopharmaceutical company focused on the development of oral therapeutic drugs for autoimmune diseases using its proprietary technology platform. These diseases occur when the body’s immune system mistakenly attacks its own cells instead of protecting them. Symptoms of autoimmune diseases can range from pain and fatigue to dizziness, depression, and rashes.

There are over 100 known autoimmune diseases, including lupus, rheumatoid arthritis, Crohn’s disease, and ulcerative colitis.

Dice Therapeutics’ primary drug is currently being tested in a mid-stage trial for psoriasis, an immune-related skin condition.

Eli Lilly’s immunology portfolio includes drugs like Taltz, used for plaque psoriasis treatment, and Olumiant, a treatment for rheumatoid arthritis. In 2020, Taltz generated $2.48 billion in sales, while Olumiant generated $830.5 million.