Eli Lilly is enlarging its drug pipeline with major acquisitions following second quarter financial statements. Image credit: kenary820 / Shutterstock

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.

Company Fail to Break-even despite of epic Surge in Sales $SGTX by Sigilon Therapeutics in the most recent fiscal period #NASDAQ @NowObserver SGTX announced very strong Sales elevation of 104.648 % Y/Y to $5.900 MM in the most recent fiscal period, but … https://t.co/nDLpobsVgX
— CSIMarket.com (@CSIMarket) August 7, 2023

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.

Eli Lilly has successfully completed a $1.93 billion acquisition of Versanis! They've acquired the monoclonal antibody bimagrumab, which targets fat cells, as a candidate for weight loss. It can be used alone or in combination with semaglutide for treating obesity or overweight… pic.twitter.com/qtXFIzA8J4
— Digmyself (@gahawoolah) August 15, 2023

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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In March 1981, I saved up enough money to make the first investment of my life. After months of research, I bought 12 shares of Eli Lilly (LLY), a pharmaceutical company. I signed up for their DRIP (dividend reinvestment program) and auto bought shares every month for 32 years. pic.twitter.com/pMtsXEGWFj
— Oliver L. Velez ⚡️ 13% Bitcoiner (@olvelez007) August 9, 2023

Another recent acquisition is Novartis’ deal with Chinook, the biopharma focused on kidney disease therapies. The transaction was sealed at $3.2bn upfront.