Eli Lilly & Co. will acquire Loxo Oncology Inc. for about $8 billion (U.S.) in cash, the second multibillion-dollar cancer deal of the year by a major U.S. pharmaceutical company. Loxo holders will get $235 per share in cash, the companies said in a statement Monday. The Eli Lilly And Co. logo a monitor on the floor of the New York Stock Exchange in New York on April 17, 2017. ( Michael Nagle / Bloomberg )Lilly is offering a rich premium — 68 per cent above Loxo’s closing stock price Friday and far above Loxo’s previous all-time high of $189.96, reached in July 2018. Lilly may do more deals under chief executive officer Dave Ricks, who took over the helm at the drugmaker in 2017.

Source: thestar January 07, 2019 19:18 UTC