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U.S.-based pharmaceutical firm Eli Lilly announced on Tuesday its agreement to acquire Verve Therapeutics, a Boston-based clinical-stage biotechnology company specializing in genetic medicines, for approximately $1.3 billion.
Under the agreement, Eli Lilly will purchase all outstanding shares of Verve Therapeutics for $10.5 per share in cash. Shareholders could also receive up to an additional $3 per share, contingent on certain conditions being met. The deal is expected to close in the third quarter of the year.
Verve Therapeutics is currently developing a pipeline of gene editing medicines intended to reduce the risk of atherosclerotic cardiovascular disease (ASCVD), a leading cause of death globally. According to the statement, Verve's treatments are designed to be administered only once in a lifetime, offering a potentially transformative approach to managing cardiovascular conditions that typically require lifelong care.
Eli Lilly emphasized that the acquisition aligns with its commitment to address substantial unmet medical needs. “Verve is developing a pipeline of gene editing medicines designed to address the drivers of atherosclerotic cardiovascular disease through treatments that may only need to be given once in a lifetime,” the company noted.
Ruth Gimeno, group vice president at Lilly, welcomed the acquisition as an opportunity to advance innovative treatments. “Lilly is eager to welcome our Verve colleagues to Lilly and continue the development of these promising potential new medicines aimed at improving outcomes for patients with cardiovascular disease and addressing the significant unmet medical need in this space,” she said.
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