Lilly Aims to Boost Immuno Business with $2.4B DICE Buy

(June 20, 2023) | By Tristan Manalac.

To deepen its autoimmune disease portfolio, Eli Lilly is acquiring California-based biopharma DICE Therapeutics for more than $2 billion, the pharmaceutical giant announced Tuesday.

Under the terms of the deal, Lilly will buy all of DICE’s outstanding shares for $48 a pop, representing a 40% premium to the latter’s 30-day volume weighted average shares price as of last Friday. Lilly will make the payment in cash, amounting to an aggregate of around $2.4 billion.