Eli Lilly to buy gene therapy company Akouos for $487 mln
Oct 18 (Reuters) – Eli Lilly and Co (LLY.N) will acquire genetic medicine developer Akouos Inc (AKUS.O) for about $487 million in cash as the drugmaker aims to bolster its arsenal of gene therapies that target a range of disabilities.
Shares of Akouos, which is developing gene therapies for sensorineural hearing loss, soared 84% to trade 40 cents above Lilly’s offer price of $12.50 before the opening bell.
The deal also includes a payment of $3 per share contingent on certain events related to drug trials and has the potential to increase the transaction size to $610 million, the companies said on Tuesday.
Eli Lilly has been striving to build its pipeline of gene therapies, following the acquisition of Prevail Therapeutics Inc for $1 billion last year.
It announced a $700 million investment in a new research hub in Boston, Massachusetts earlier this year that focuses on developing gene therapies.
Reporting by Leroy Leo in Bengaluru; Editing by Shinjini Ganguli and Anil D’Silva
https://www.pharmalive.com/wp-content/uploads/2021/10/Cipla-to-sell-Lillys-Trulicity-Humalog-diabetes-treatments-in-India-Reuters-10-4-21.jpg503960Reuters Healthhttps://www.pharmalive.com/wp-content/uploads/2020/01/Pharmalive_4c-300x37.pngReuters Health2022-10-18 08:01:552022-10-18 09:17:51Eli Lilly to buy gene therapy company Akouos for $487 mln