INDIANAPOLIS, Aug. 9, 2023
/PRNewswire/ -- Eli Lilly and Company (NYSE: LLY) today
announced the successful completion of its acquisition of DICE
Therapeutics, Inc. (NASDAQ: DICE). The acquisition expands Lilly's
immunology portfolio to include DICE's novel oral therapeutic
candidates, including oral IL-17 inhibitors currently in clinical
development, to treat chronic diseases in immunology.
"Since our founding nearly 150 years ago, we've strived to make
life better for people around the world – but we know that to
achieve this goal, we have to bring the brightest minds to Lilly,"
said Ajay Nirula, Ph.D., senior vice
president of immunology at Lilly. "With the passion and expertise
of our new colleagues from DICE, we look forward to continuing our
pursuit of discovering and delivering life-changing medicines for
patients living around the world with chronic immunologic
diseases."
The Offer and the Merger
Lilly's tender offer to
acquire all of the issued and outstanding shares ("Shares") of
common stock of DICE, at a purchase price of $48 per Share in cash, without interest and less
any applicable tax withholding, expired as scheduled at one minute
past 11:59 p.m., Eastern time, on
Aug. 8, 2023 and was not further
extended. Computershare Trust Company, N.A., the depositary and
paying agent for the tender offer, has advised Lilly that as of the
expiration of the tender offer, 42,265,390 Shares were validly
tendered and not properly withdrawn, representing approximately
88.4% of the issued and outstanding Shares. Such Shares have been
accepted for payment and will be promptly paid for in accordance
with the terms of the tender offer. Following completion of the
tender offer, Lilly completed the acquisition of DICE through the
previously planned second-step merger. DICE's common stock will be
delisted from the NASDAQ Global Market.
For Lilly, Kirkland & Ellis LLP is acting as legal
counsel. For DICE, Centerview Partners LLC is acting as
exclusive financial advisor and Fenwick & West LLP as legal
counsel.
About Lilly
Lilly unites caring with discovery
to create medicines that make life better for people around the
world. We've been pioneering life-changing discoveries for nearly
150 years, and today our medicines help more than 51 million
people across the globe. Harnessing the power of biotechnology,
chemistry and genetic medicine, our scientists are urgently
advancing new discoveries to solve some of the world's most
significant health challenges, redefining diabetes care, treating
obesity and curtailing its most devastating long-term effects,
advancing the fight against Alzheimer's disease, providing
solutions to some of the most debilitating immune system disorders,
and transforming the most difficult-to-treat cancers into
manageable diseases. With each step toward a healthier world, we're
motivated by one thing: making life better for millions more
people. That includes delivering innovative clinical trials that
reflect the diversity of our world and working to ensure our
medicines are accessible and affordable. To learn more,
visit Lilly.com and Lilly.com/newsroom or
follow us on Facebook, Instagram, Twitter and LinkedIn.
C-LLY
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking
statements regarding Lilly's acquisition of DICE and the
anticipated benefits and financial impact of the acquisition. All
statements other than statements of historical fact are statements
that could be deemed forward-looking statements. Forward-looking
statements reflect current beliefs and expectations; however, these
statements involve inherent risks and uncertainties, including with
respect to drug research, development and commercialization,
Lilly's evaluation of the accounting treatment of the acquisition
and its potential impact on its financial results and financial
guidance, risks that the acquisition disrupts current plans and
operations or adversely affects employee retention, and any legal
proceedings that may be instituted related to the acquisition.
Actual results could differ materially due to various factors,
risks and uncertainties. Among other things, there can be no
guarantee that Lilly will realize the expected benefits of the
acquisition, that product candidates will be approved on
anticipated timelines or at all, that any products, if approved,
will be commercially successful, that Lilly's financial results
will be consistent with its expected 2023 guidance or that Lilly
can reliably predict the impact of the acquisition on its financial
results or financial guidance. For further discussion of these and
other risks and uncertainties, see Lilly's most recent Form 10-K
and Form 10-Q filings with the United States Securities and
Exchange Commission. Except as required by law, Lilly undertakes no
duty to update forward-looking statements to reflect events after
the date of this press release.
Refer to:
|
Jordan Bishop;
jordan.bishop@lilly.com; 317-473-5712 (Media)
|
|
Joe Fletcher;
jfletcher@lilly.com; 317-296-2884 (Investors)
|
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SOURCE Eli Lilly and Company