Lilly in advanced talks to buy cancer biotech Scorpion for up to $2.5B, FT says

Eli Lilly (LLY) is in advanced talks to buy cancer-focused biotech Scorpion Therapeutics in a deal worth up to $2.5B, people close to the talks told Financial Times’ Oliver Barnes, Maria Heeter and James Fontanella-Khan. Under a proposed deal, Lilly would pay Boston-based Scorpion around $1B upfront followed by up to $1.5B at a later date if certain performance milestones are met, said the sources, who added that a deal is likely, but is not guaranteed, to be clinched in the coming days ahead of the annual JPMorgan healthcare conference.