Eli Lilly to buy Dice Therapeutics in $2.4bn deal

Eli Lilly said on Tuesday that it has agreed to buy biopharmaceutical company Dice Therapeutics in a $2.4bn deal.

Dice develops novel oral therapeutic candidates, including oral IL-17 inhibitors currently in clinical development, to treat chronic diseases in immunology.

Under the terms of the deal, which is expected to close in the third quarter, Eli Lilly will pay $48 per share in cash.

Patrik Jonsson, executive vice president, president of Lilly Immunology and Lilly USA, chief customer officer, said: "In combination with its novel technology and expertise in drug discovery, Dice’s talented workforce and passion for innovation will enhance our efforts to make life better for people living with devastating autoimmune diseases.

"We welcome DICE colleagues to Lilly and, together, we can tackle the challenges ahead in finding new treatments for patients with significant unmet medical needs."