pharmaphorum July 8, 2024
Eli Lilly has bolstered its inflammatory bowel disease (IBD) pipeline with a $3.2 billion bid to acquire Morphic and its mid-stage oral integrin therapy MORF-057.
Lilly is launching a tender offer to acquire all outstanding shares of Morphic for a purchase price of $57 per share in cash, prompting shares in the biotech to rocket 77% from $31.84 to $56.40 at the time of writing. The deal is expected to close sometime in the third quarter.
MORF-057 is an α4β7 integrin inhibitor currently in a pair of phase 2 trials in ulcerative colitis and a third in Crohn’s disease. It is trying to become an oral alternative to Takeda’s $6.4 billion blockbuster Entyvio (vedolizumab), an injectable α4β7 integrin inhibitor that...
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