Lilly Announces Agreement To Acquire Loxo Oncology for 8B$USThat was in 2019. But still is an interesting example as it is in the oncology field, involved a FDA Breakthrough Therapy winner (and another FDA approval) and delivers much less than the tumor destruction of our ACT platform.
I'm not saying that we will be bought right away on the granting of a FDA Breakthrough Therapy designation as these are all case by case, but still, it gives you a glimpse of what can happen.
Lilly Announces Agreement To Acquire Loxo Oncology • Acquisition will broaden the scope of Lilly’s oncology portfolio into precision medicines through the addition of a marketed therapy and a pipeline of highly selective potential medicines for patients with genomically defined cancers.
• Loxo Oncology’s pipeline includes LOXO-292, an oral RET inhibitor being studied across multiple tumor types,
which recently was granted Breakthrough Therapy designation by the FDA and could launch in 2020.
• Loxo Oncology’s
Vitrakvi® (larotrectinib) is an oral TRK inhibitor developed and commercialized in collaboration with Bayer that was
recently approved by the FDA. • Lilly will commence a tender offer to acquire all outstanding shares of Loxo Oncology for a purchase price of $235.00 per share in cash, or approximately
$8.0 billion.
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with Loxo Oncology surviving the merger as a wholly-owned subsidiary of Lilly The acquisition of Loxo Oncology provides Lilly with a promising pipeline of investigational medicines, including:
- LOXO-292, a first-in-class oral RET inhibitor that has been granted Breakthrough Therapy designation by the FDA for three indications, with an initial potential launch in 2020. LOXO-292 targets cancers with alterations to the rearranged during transfection (RET) kinase. RET fusions and mutations occur across multiple tumor types, including certain lung and thyroid cancers as well as a subset of other cancers.
- LOXO-305, an oral BTK inhibitor currently in Phase 1/2. LOXO-305 targets cancers with alterations to the Bruton's tyrosine kinase (BTK), and is designed to address acquired resistance to currently available BTK inhibitors. BTK is a validated molecular target found across numerous B-cell leukemias and lymphomas.
Item 1.01. Entry into a Material Definitive Agreement Merger Agreement
On January 5, 2019, Eli Lilly and Company, an Indiana corporation (“Parent”), Bowfin Acquisition Corporation, a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), and Loxo Oncology, Inc., a Delaware corporation (the “Company”) entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Merger Agreement provides that, subject to the terms of the Merger Agreement, Merger Sub will commence a cash tender offer (the “Offer”) to purchase all of the outstanding shares (the “Shares”) of the Company common stock, par value $0.0001 per share, at a price of $235.00 per share (the “Offer Price”), net to the seller in cash, without interest, and subject to withholding taxes.