Eli Lilly strikes $1.3bn deal to buy gene-editing biotech Verve Therapeutics, companies say
Lilly has struck multiple partnership deals with gene-editing companies in the last two years to expand its portfolio beyond its blockbuster weight-loss and diabetes drugs.
The drugmaker will buy Verve for $10.5 per share, which is a premium of 67.5% on the company's last close.
The deal includes an upfront payment of almost $1 billion and a further $300 million based on the genetic-medicines firm achieving certain clinical milestones.
The companies are already partnering to develop gene-editing therapies to reduce high cholesterol in people with heart disease, which are expected to be used in combination with other drugs.
Shares of Lilly were down 1% before the bell.
Verve's gene-editing medicines target the PCSK9, ANGPTL3 and LPA genes responsible for regulating blood cholesterol levels.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
a day ago
- Business Recorder
Lilly launches Mounjaro pen in India at $160 for starting dose, stepping up Novo rivalry
Eli Lilly on Wednesday launched the easy-to-use injector pen of its blockbuster weight-loss drug Mounjaro for 14,000 rupees (nearly $160) for its starting dose of 2.5 mg in India, stepping up competition with Novo Nordisk. Lilly said in June it received approval from India's drug regulator for its once-weekly Mounjaro Kwikpen, two days after Novo Nordisk launched Wegovy in multiple dose strengths in a similar pen device. Mounjaro Kwikpen is available in six dose strengths — 2.5 mg, 5 mg, 7.5 mg, 10 mg, 12.5 mg and 15 mg — with pricing calculated for a month's supply. The smallest two doses are priced at 14,000 and 17,500 rupees, respectively, and the 7.5 mg and 10 mg doses cost 22,000 rupees. The 12.5 mg and 15 mg doses cost 27,500 rupees, the company said. 'If we look at how the highest doses of Mounjaro and Wegovy are priced, it appears (that) Mounjaro's pricing is attractive and competitive,' said Vishal Manchanda from Systematix Institutional Equities. Wegovy's smallest doses of 0.25 mg, 0.5 mg and 1 mg cost 17,345 rupees a month, and its highest doses of 1.7 mg and 2.4 mg cost 24,280 rupees and 26,015 rupees a month, respectively. Lilly began selling Mounjaro in India in late March for diabetes and obesity in 2.5 mg and 5 mg vials. Both drugs have seen strong demand since then, with sales in July doubling month-on-month. The drugs belong to a class of therapies known as GLP-1 receptor agonists that help control blood sugar and slow digestion, making people feel fuller for longer.
Business Recorder
29-07-2025
- Business Recorder
European stocks close up; Novo Nordisk logs its biggest drop
FRANKFURT: European stocks closed higher on Tuesday, buoyed by financials and defence stocks, though Danish stocks logged their biggest one-day drop of the year as Novo Nordisk's shares slid after the weight-loss drug maker issued a profit warning. The Wegovy producer, once a market darling, logged its biggest one-day drop on record of 23%, wiping about $57.5 billion off its market value, as it slashed its outlook for 2025 sales growth and named a new CEO as it battles rising competition in the obesity drug market. The stock weighed on Denmark's Copenhagen OMX index , which lost 11.9%, while the broader STOXX pharmaceutical sector slid 1.6%. 'It's doubly disappointing for investors when you find a company that had been anticipated to be a real star in a booming sector, and they don't seem to be able to capitalize on what was a really good competitive position,' said Danni Hewson, head of financial analysis at AJ Bell. The stock 'seems to be getting pummeled' by its US rival, Eli Lilly, Hewson said. 'Now we are seeing a change in CEO, but investors are not going to give the new guy an awful lot of time to get the house in order.' Eli Lilly also lost 5% in afternoon trading. More broadly the pan-European STOXX 600 index finished 0.3% higher, with banks gaining 1.7% to hit their highest since September 2008 as investors bet on improved profits and resilience in a sector broadly insulated from tariff turmoil. In a relief for investors, the US and EU signed an agreement to lower US tariffs to 15%, ending weeks of negotiations earlier this week and offering investors some clarity on the trade front. Analysts said the corporate earnings landscape has markedly improved following the deal, and they now project European companies to deliver 1.8% growth in second-quarter earnings compared to a 0.3% decline just a week earlier, according to LSEG I/B/E/S data. Aerospace and defence stocks added 2.2% after three straight days of losses. The new framework trade deal offered zero-for-zero tariffs on aircraft and parts. Airbus and Safran SA gained 1.7% and 2.1%, respectively. Franco-Italian eyewear group EssilorLuxottica shares jumped 6.9% after the company reported an increase in first-half operating profit despite a tariff hit. Dutch company Philips rose 9.2% to the top of the index after the healthcare technology group lowered its tariff impact estimates following the US-EU trade deal. Attention now turns to Wednesday's second-quarter GDP releases from both the euro zone and the US, followed by the Federal Reserve's highly anticipated rate decision and Friday's US employment report.
Business Recorder
17-06-2025
- Business Recorder
Eli Lilly strikes $1.3bn deal to buy gene-editing biotech Verve Therapeutics, companies say
Eli Lilly will acquire gene-editing startup Verve Therapeutics for up to $1.3 billion, the companies said on Tuesday, sending Verve's shares up 77.7% in premarket trading. Lilly has struck multiple partnership deals with gene-editing companies in the last two years to expand its portfolio beyond its blockbuster weight-loss and diabetes drugs. The drugmaker will buy Verve for $10.5 per share, which is a premium of 67.5% on the company's last close. The deal includes an upfront payment of almost $1 billion and a further $300 million based on the genetic-medicines firm achieving certain clinical milestones. The companies are already partnering to develop gene-editing therapies to reduce high cholesterol in people with heart disease, which are expected to be used in combination with other drugs. Shares of Lilly were down 1% before the bell. Verve's gene-editing medicines target the PCSK9, ANGPTL3 and LPA genes responsible for regulating blood cholesterol levels.
