Eli Lilly continues to make news by announcing its complete acquisition of the Massachusetts-headquartered Sigilon on 14 August. The deal between both companies totalled $309.6m. This follows Sigilon’s inability to break even after a recorded massive surge in sales in its second quarter 2023 financials. The biotech reported a landmark sales elevation of 104.648% yoy at $5.9m.
The merger agreement means Lilly will continue to develop encapsulated cell therapies, including SIG-002, to treat type 1 diabetes.
Another move of Lilly’s to purchase Versanis, , including its lead candidate bimagrumab, is successful completed at a deal of $1.93bn. This acquisition means that Eli Lilly’s weight loss drug pipeline will receive a further boost to possibly surpass its competitor, Novo Nordisk.
After Eli Lilly released its second quarter 2023 financial results reporting a 22% increase in revenue excluding the sales of Baqsimi and Covid-19 antibodies in 2022, more people are talking about their investment in the company. The news of Lilly’s acquisitions skyrocketed its stock price to close at $538.00 on 14 August and $546.24 as of the market close yesterday, with a market cap of $518.90bn.
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Another recent acquisition is Novartis’ deal with Chinook, the biopharma focused on kidney disease therapies. The transaction was sealed at $3.2bn upfront.
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