Global healthcare major Lilly to acquire ARMO BioSciences for $1.6b
Category: #health  By Shikha Sinha  Date: 2018-05-12
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Global healthcare major Lilly to acquire ARMO BioSciences for $1.6b

Renowned drugmaker Eli Lilly & Co., has recently announced a definitive agreement to acquire cancer immunotherapy biotech firm Armo BioSciences for USD 1.6 billion. Reportedly, the all-cash transaction deal is expected to enhance Lilly’s drug portfolio of cancer fighting drugs and would enable the company to better chase its rivals in the lucrative healthcare industry.

Armo BioSciences for the record, is a late-stage immuno-oncology firm that is focused on developing a pipeline of proprietary, novel products designed to activate the immune system of cancer patients to identify & eradicate tumor cells. The company has several immune-oncology product candidates in different stages of clinical development.

Sources familiar with the matter revealed that the acquisition will add Armo’s lead drug candidate pegilodecakin to Lilly’s case, in turn bolstering its immune-oncology program.

According to reports, Pegilodecakin, a PEGylated IL-10 candidate has demonstrated clinical benefit as a single agent as well as in combination with checkpoint inhibitor therapy and chemotherapy. The drug is currently being studied under a third Phase clinical trial in pancreatic cancer and in early Phase trials in lung & renal cell cancer and other solid tumor types.

Lilly senior vice president & president of Lilly Oncology, Sue Mahony, revealed in a company statement that acquiring Armo adds promising next-generation clinical immunotherapy assets to its innovative oncology medicines portfolio. Mahony further added that the company is committed to developing cancer medicines that will make a difference in patients’ lives.

As per the accord, Lilly will acquire all of Armo’s shares for US$ 50 per share in cash. The transaction is subject to customary closing conditions, that includes receipt of regulatory approvals. The deal is expected to be closed by the second quarter of 2018 and there will be no change to the company’s 2018 non-GAAP earnings per share as a result of this transaction.



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Shikha Sinha

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Shikha Sinha

Shikha currently manages content operations for a series of news and business portals including MSF, Algosonline, and the like. An electrical & electronics engineer by education, she has prior experience in content & technology writing, content marketing, market resea...

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