Eli Lilly To Acquire DICE Therapeutics For $48/share All-cash Deal

(RTTNews) - Drug major Eli Lilly and Co. (LLY) and biopharmaceutical company DICE Therapeutics, Inc. (DICE) announced Tuesday a definitive agreement for Lilly to acquire DICE for $48 per share in cash or an aggregate of approximately $2.4 billion.

DICE leverages its proprietary DELSCAPE technology platform to develop novel oral therapeutic candidates, including oral IL-17 inhibitors currently in clinical development, to treat chronic diseases in immunology.

The transaction, approved by the boards of directors of both companies, is not subject to any financing condition and is expected to close in the third quarter of 2023.

The transaction is subject to customary closing conditions, including receipt of required antitrust clearance and the tender of a majority of the outstanding shares of DICE's common stock. DICE's Board of Directors unanimously recommends that DICE's stockholders tender their shares in the tender offer.

Following the successful closing of the tender offer, Lilly will acquire any shares of DICE that are not tendered in the tender offer through a second-step merger at the same consideration as paid in the tender offer.