Latest news with #VerveTherapeuticsInc
Mint
5 hours ago
- Business
- Mint
Eli Lilly to acquire gene-editing biotech company Verve Therapeutics for $1.3 billion. Here's why
US-based multinational pharmaceutical giant Eli Lilly & Co., on Tuesday, 17 June 2025, announced its plans to acquire gene-editing biotech firm Verve Therapeutics Inc. for $1.3 billion as the big pharma company eyes expansion in experimental medicine for long-term growth, reported the news agency Bloomberg. According to the agency report, Eli Lilly & Co. will pay up to $13.50 per share for the acquisition deal. The breakdown of the deal will be that Eli Lilly & Co. will pay $10.50 per share in cash as well as a non-tradeable contingent value right that entitles the holder to receive as much as $3 extra per share. The transaction is expected to close in the third quarter of the current year, reported the news agency, citing the company. Verve Therapeutics shares skyrocketed 75.12% to $10.99 at the US stock market open at 9:38 a.m. (EDT), compared to $6.27 at the previous market close. However, pharma major Eli Lilly & Co. shares are trading 1.45% lower on Wall Street at $795.84 as of 9:40 a.m. (EDT), compared to $807.58 at the previous stock market close. The US big pharma company Eli Lilly & Co.'s revenues are centred around its iconic weight-loss drug, Zepbound, as the company prepares for the medicine's patent to expire. The news agency reported that the company has been able to target experimental medicines that are still far from the market. In this area, price tags are usually smaller than for therapies that have already undergone multiple patient trials. The long-term return on such early-stage deals can be far larger. In January 2025, Eli Lilly & Co. agreed to pay up to $2.5 billion for a cancer medicine which was being tested by Scorpion Therapeutics Inc., as per the agency report. Further in May, the company announced a plan to buy SiteOne Therapeutics Inc., a biotech firm developing pain medicines, for nearly $1 billion. Eli Lilly & Co. was reportedly in collaboration with Verve Therapeutics on its experimental gene-editing program for reducing lipoprotein, which is a risk factor for plaque buildup in human arteries. This acquisition deal will give Eli Lilly & Co. full control of the program, as the company shows confidence in its gene editing drug, which is a cutting-edge technology in the market, according to the report. However, this technology has struggled to attract investors recently, in part because it's expensive to make and aimed at providing one-time cures for rare diseases that may not be lucrative. Verve is a rare example of a gene editing company targeting a disease that affects a large population and offering better commercial prospects. Its approach, which uses tiny balls of fat to deliver the treatment, is less expensive to make than other gene therapies. Ruth Gimeno, the Vice President for diabetes and metabolic research and development at Eli Lilly & Co., told the news agency that the experimental therapy could be the first to edit genes inside a living body that's targeted to a broad population of patients.
San Francisco Chronicle
14-05-2025
- Business
- San Francisco Chronicle
Verve Therapeutics: Q1 Earnings Snapshot
BOSTON (AP) — BOSTON (AP) — Verve Therapeutics Inc. (VERV) on Wednesday reported a loss of $31 million in its first quarter. The Boston-based company said it had a loss of 35 cents per share. The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 71 cents per share. The biotechnology firm posted revenue of $33 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $7.1 million.
Bloomberg
14-04-2025
- Business
- Bloomberg
Verve Shares Soar After New Gene-Editing Trial Shows No Safety Concerns
Verve Therapeutics Inc. shares jumped after the company reported no safety issues in a new study of its gene-editing treatment for people with high cholesterol. The Boston-based company said its treatment was well-tolerated with no serious treatment-related adverse events among 14 participants in an early-stage trial. The treatment led to an average reduction in cholesterol of 53%, according to a statement.
Washington Post
27-02-2025
- Business
- Washington Post
Verve Therapeutics: Q4 Earnings Snapshot
BOSTON — BOSTON — Verve Therapeutics Inc. (VERV) on Thursday reported a loss of $50 million in its fourth quarter. The Boston-based company said it had a loss of 58 cents per share. The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 72 cents per share.
