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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
4 days ago
- 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.
Business Recorder
14-05-2025
- Business Recorder
Roche says Trump's drug price order threatens its $50 billion US investment plans
LONDON: U.S. President Donald Trump's executive order on drug pricing threatens Roche's planned $50 billion investment in the United States, the company said on Wednesday. Trump's order, signed Monday, directs drugmakers to lower prices of brand-name medicines to align with those in other wealthy nations. Analysts and legal experts say the policy would be difficult to implement. 'Should the proposed EO (Executive Order) go into effect, Roche's ability to fund the significant investments previously announced in the U.S. will be in question,' the company said in a statement. Roche said it did not expect the executive order to affect its business in 2025, and said it would continue engaging with the Trump administration and Congress. Roche to invest $700mn in new drug manufacturing facility in North Carolina Roche in April announced it would invest $50 billion in the U.S. over the next five years, creating more than 12,000 jobs. It is among several drugmakers, including Eli Lilly, Johnson & Johnson and Novartis, to announce large-scale U.S. investments in response to Trump's push to onshore pharmaceutical manufacturing. Since taking office, Trump has repeatedly threatened to levy tariffs on medicines and his administration is conducting an investigation into imports of pharmaceuticals in an effort to impose tariffs on national security grounds.
Business Recorder
06-05-2025
- Business Recorder
Wall Street declines after Trump's latest tariff threats
Wall Street's main indexes fell on Tuesday after U.S. President Donald Trump's latest plans for pharma tariffs renewed worries of the impact of a trade war, while some downbeat corporate results also weighed on investor sentiment. Trump said late on Monday that he would announce pharma tariffs over the next two weeks, his latest action on levies that have roiled global financial markets over the past months. Eli Lilly and Merck slipped about 2.4% each, while Pfizer was down 1.7% after the news, which offset optimism around Trump's order aimed at reducing the approval time for pharmaceutical manufacturing plants. Tariff-driven uncertainty has led consumers, businesses and even the U.S. Federal Reserve to adopt a wait-and-watch mode as they struggle to navigate the tariffs and gauge their impact. Ford Motor was the latest to suspend its annual outlook on Monday, joining a host of companies that withdrew their forecasts in April. The carmaker's shares reversed premarket losses and were last up about 1% in choppy trading. 'The biggest thing that stands out (this earnings season) is that CEOs are concerned about the uncertainty that's coming out (of) Washington, D.C. with respect to global trade,' said Adam Sarhan, chief executive of 50 Park Investments. Wall St lower after Trump's fresh tariffs at start of Fed-decision week At 09:55 a.m. ET the Dow Jones Industrial Average fell 435.80 points, or 1.06%, to 40,783.03, the S&P 500 lost 61.98 points, or 1.10%, to 5,588.40, and the Nasdaq Composite lost 240.21 points, or 1.35%, to 17,604.03. Most S&P 500 sectors were trading in the red, with healthcare and info tech the biggest losers, down 1.4% and 1.7%, respectively. Data analytics firm Palantir's shares fell 13.5% to the bottom of the S&P 500 as investors were unimpressed by the company's modest revenue beat and in-line profit. The Fed starts its two-day meeting on Tuesday, with the central bank widely expected to stay put on interest rates. Comments from policymakers will be scrutinized for any clues hinting at where they stand on monetary policy easing this year. Traders see about 79 basis points of policy easing by the end of 2025, with the first cut coming in July, according to data compiled by LSEG. The Trump administration suggested last week that potential deals with trading partners were underway, but markets have seen no concrete results on that front. Wall Street closed lower on Monday, with the benchmark S&P 500 snapping a nine-session winning streak. Against the uncertain trade backdrop, businesses boosted imports of goods in March, pushing the country's trade deficit to a record high of $140.5 billion. DoorDash was down 7.5% after the meal delivery firm said it would buy Deliveroo in a deal valuing the British rival at about 2.9 billion pounds ($3.86 billion). The U.S. firm's quarterly revenue missed estimates, disappointing investors. Declining issues outnumbered advancers for a 3.03-to-1 ratio on the NYSE and a 3.31-to-1 ratio on the Nasdaq. The S&P 500 posted three new 52-week highs and six new lows, while the Nasdaq Composite recorded nine new highs and 56 new lows.
