Eli Lilly Comes Out Swinging

Eli Lilly Comes Out Swinging

The annual J.P. Morgan Healthcare conference in San Francisco concluded last week with very few big deal announcements. In January 2019, Bristol-Myers Squibb (NYSE: BMY) made its $74 billion takeover of Celgene Corporation (NASDAQ: CELG) public just before the conference started. That was quickly followed by Eli Lilly and Company’s (NYSE: LLY) $8 billion deal for Loxo Oncology. This year, Eli Lilly was back in the spotlight with an agreement to acquire Demira, Inc. (NASDAQ: DERM), the largest deal announced in January. The $1.1 billion cash price (13.3x revenue), or $18.75 a share, represents an 86% premium to the 60-day volume-weighted average trading price of Dermira’s stock... Read More »