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 The Associated Press
