Eli Lilly To Acquire Prevail Therapeutics - Quick Facts

(RTTNews) - Eli Lilly and Company (LLY) and Prevail Therapeutics Inc. (PRVL) announced a definitive agreement for Lilly to acquire Prevail for $22.50 per share in cash (or an aggregate of approximately $880 million) payable at closing plus one non-tradable contingent value right worth up to $4.00 per share in cash (or an aggregate of approximately $160 million), for a total consideration of up to $26.50 per share in cash (or an aggregate of approximately $1.04 billion).

Prevail is a biotechnology company developing potentially disease-modifying AAV9-based gene therapies for patients with neurodegenerative diseases. Prevail is developing PR001 for patients with Parkinson's disease with GBA1 mutations (PD-GBA) and neuronopathic Gaucher disease (nGD); PR006 for patients with frontotemporal dementia with GRN mutations (FTD-GRN); and PR004 for patients with certain synucleinopathies.

Eli Lilly noted that there will be no change required to the company's 2021 financial guidance for research and development expense or non-GAAP earnings per share as a result of the transaction.