By Adriano Marchese


Eli Lilly will acquire DICE Therapeutics for $2.4 billion, the two companies said in a joint statement on Tuesday.

DICE's stock jumped on the news, rising 40% in premarket trading on Tuesday, from Friday's closing of $33.85 a share.

DICE is a biopharmaceutical company that uses its proprietary DELSCAPE technology platform to develop novel oral therapeutic candidates, including oral IL-17 inhibitors which aim to treat chronic immunological diseases.

Eli Lilly will pay $48 a share to acquire DICE, representing a premium of about 40% to DICE's 30-day volume-weighted average trading price up to its last trading day on Friday. The transaction is expected to close in the third quarter of this year.


Write to Adriano Marchese at adriano.marchese@wsj.com


(END) Dow Jones Newswires

06-20-23 0727ET