Shares of the biopharmaceutical company, DICE Therapeutics (NASDAQ: DICE) surged in pre-market trading at the time of publishing on Tuesday after it was acquired by Eli Lilly (LLY) for a purchase price of $48 per share in cash for an aggregate value of around $2.4 billion.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
The acquisition is expected to close in the third quarter of this year and the purchase price indicates a premium of around 40% to the 30-day volume-weighted average trading price of DICE’s common stock ended on June 16.
Kevin Judice, Ph.D., CEO of DICE Therapeutics, stated, “We’re eager to see our pipeline, including our oral IL-17 inhibitors, DC-806 and DC-853, benefit from Lilly’s resources and global reach and I’m excited by the prospect of watching these two talented teams in a united quest for scientific innovation.
In the past year, DICE stock has surged by more than 100% in the past year.
