Eli Lilly confirms $8 billion takeover of Loxo Oncology
Biopharmaceutical giant Eli Lilly & Co. has agreed to buy Loxo Oncology Inc. in a deal valued at $8 billion.
Eli Lilly (NYSE: LLY) said it will pay $235 a share in cash for Stamford, Connecticut-based Loxo (NASDAQ: LOXO). That's a 68 percent premium from Loxo's closing price on Friday (h/t the WSJ).
Loxo is expected to bolster Eli Lilly's oncology-treatment portfolio. It also aims to treat patients that have cancer from single-gene abnormalities.
"We are gratified that Lilly ha...