Shares of precision medicine company Akouos (NASDAQ:AKUS) are soaring today after Eli Lilly (NYSE:LLY) agreed to acquire it in a deal pegged at ~$487 million along with a contingent value right (CVR) for an amount of up to ~$610 million.
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Akouos is working toward developing gene therapies for treating inner ear conditions. Next, Lilly will begin a tender offer for all outstanding Akouos stock at $12.50 apiece. The $3 CVR per share takes the total consideration to $15.50 per share.
Shares are now up ~87% at the market open today.
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