Stock price data from financial markets, reliable financial news sources

Eli Lilly to Acquire Morphic Holding for $3.2 Billion at $57 per Share

Jul 8, 2024, 11:31 AM

Eli Lilly has announced its agreement to acquire Waltham-based Morphic Holding for approximately $3.2 billion, or $57 per share in cash. The acquisition aims to bolster Eli Lilly's immunology pipeline, particularly focusing on Morphic's lead program, a selective oral small molecule inhibitor of α4β7 integrin for the treatment of inflammatory bowel disease (IBD). This deal represents a significant premium, with Morphic's stock surging by 78% following the announcement. The acquisition is expected to enhance outcomes for patients with IBD and strengthen Eli Lilly's position in the biopharmaceutical market. Tim Springer, a Morphic founder, noted that Lilly's bid was unexpected.