Lilly, 46.85% stock-price rise amid 3biotech acquisitions
Lilly announced acquisitions of Curevo, LimmaTech, Vaccine Company, and other 3 biotech firms. The acquisitions aim to develop vaccines for shingles, drug-resistant bacteria, and Epstein-Barr virus.
Eli Lilly announced the acquisition of 3 biotech companies. The targets are Curevo Inc., LimmaTech Biologics AG, Vaccine Company, Inc. The company described the acquisitions as a way to expand its infectious disease and vaccine portfolio.
The key candidates the acquisitions aim to develop are a shingles vaccine, a treatment targeting drug-resistant bacteria, and a vaccine for Epstein-Barr virus (EBV). The company said it would strengthen its portfolio by integrating clinical and research work on each candidate. The announcement once again underscores its focus on infectious diseases.
Lilly described the acquisitions as part of its large-scale acquisition drive. The company announcement did not include specific acquisition amounts. The company said it would disclose its post-acquisition research and development plans in stages.
Lilly’s share price 12on a monthly basis 46.85% rose. On Tuesday, the day of the announcement, the share price 1.28% rose. Favorable technical trends were observed in the market.
Analyst consensus is a Buy, and the target price is 1,241dollars. This figure is the analysts’ aggregate target at the time of the announcement. The figure was cited from both company disclosures and analyst reports.
The company’s announcement outlines how the acquisition will complement the target’s research capabilities. Further disclosures are planned on clinical data and progress through regulatory procedures. Investors can track progress at each stage through company disclosures.
Sources: Benzinga
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