Deal Watch: Lilly Finds New Partners For Genetic Disorders, Protein Degradation
Pharma’s latest partnerships focus on Duchenne muscular dystrophy with Precision Biosciences, protein degradation with Seed. Bristol and Schrodinger team in computational drug discovery.
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Sumitovant, a Sumitomo subsidiary, will pay $27 per share for the 48% of Myovant shares it does not already own, for a deal value of $1.7bn, up from a $22.75-per-share bid in early October.
With the planned $487m acquisition of sensorineural-focused Akouos, Lilly makes its second gene therapy M&A play in two years, on top of partnering/financing activity in the space.
Sumitovant offered $22.75 per share in cash, valuing Myovant at $2.4bn total, to acquire what it does not hold as a result of its 2019 agreement to buy majority shares of five Roivant companies.