July 8 (Reuters) – Eli Lilly (LLY.N), opens new tab agreed to buy Morphic Holding (MORF.O), opens new tab for $3.2 billion in cash, the companies said on Monday, beefing up its portfolio of inflammatory bowel disease (IBD) drugs and expanding its footprint in the multi-billion dollar market.
Shares of Waltham, Massachusetts-based Morphic surged nearly 75% to $55.62 in morning trading on Lilly’s offer of $57 per share, which represents a 79% premium to the stock’s last closing price.
Source: REUTER
Post a comment
Related Posts
August 27, 2024
China’s PDD suffers $55 bln market cap wipeout after flagging an uncertain market
China’s PDD Holdings (PDD.O), opens new tab missed market estimates for quarterly revenue on Monday, and downbeat…
August 27, 2024
JPMorgan Chase is sued over low rates on cash sweeps
JPMorgan Chase (JPM.N), opens new tab has been accused in a new lawsuit of sweeping customers’ idle…
August 23, 2024
HSBC to double UK wealth business as banks target ‘mass affluent’
HSBC aims to double the assets under management (AUM) in its British wealth business to…
August 23, 2024
Investors rush to money market funds before Fed rate cut, BofA says
Investors poured $37 billion into cash-like money market funds (MMFs) in the week to Wednesday,…
