Eli Lilly

Eli Lilly Buying CT-Based Loxo Oncology for About $8 Billion

Eli Lilly is buying Stamford, Connecticut-based Loxo Oncology for about $8 billion, broadening its lineup of cancer treatments. 

Loxo Oncology Inc. is a biopharmaceutical company focused on the development and commercialization of medicines for patients with genomically defined cancers. 

Eli Lilly and Co. said Monday that it will pay $235 for each Loxo share. That's a 68 percent premium to the company's Friday closing price of $139.87. 

The deal is expected to close by the end of the first quarter. 

Shares of Eli Lilly, based in Indianapolis, fell 2.7 percent in Monday premarket trading.

Copyright AP - Associated Press
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