Lift-Off For Lilly In Cancer Genetics With Loxo Buy
The New Year is just a week old but the biopharma merger and acquisitions merry-go-round is already spinning furiously as Lilly now steps in with a proposal to buy Loxo.
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Oncology leader Anne White will oversee neuroscience and pain, while Bio-Medicines head Ilya Yuffa will take over for retiring Lilly International president; Loxo CEO will oversee entire oncology business.
White said the late 2019 creation of Loxo Oncology at Lilly to spearhead cancer R&D has exceeded her expectations. The executive also discussed COVID-19’s impact on drug sales and cancer screening.
Most of Lilly’s 2021 gains will come from its newer products, but sales of COVID-19 treatments added $500m to the company’s 2020 revenue guidance and may total $1bn-$2bn next year.