Eli Lilly has entered into an agreement to acquire Dice Therapeutics for approximately $2.4bn, marking a significant boost to its immunology pipeline.
The deal grants Lilly access to the biopharma’s lead candidate, DC-806, an oral small-molecule inhibitor of the pro-inflammatory cytokine interleukin-17 (IL-17) currently in phase 2 development for psoriasis.
Dice said DC-806 had "best-in-class” potential in October last year when it announced positive results from an early-stage trial of the drug, which was associated with a 43.7% reduction in psoriasis area and severity.
The acquisition also includes a second candidate, DC-853, which is being developed as a "fast follower" to DC-806, meaning it should have improved potency and metabolic stability. A topline readout from an early-stage trial of the IL-17 inhibitor is expected in the second half of this year.
Dice is also developing oral therapeutic candidates targeting the integrin α4ß7 for the treatment of inflammatory bowel disease.
Kevin Judice, Dice’s chief executive officer, said: "We're eager to see our pipeline, including our oral IL-17 inhibitors, DC-806 and DC-853, benefit from Lilly's resources and global reach and I'm excited by the prospect of watching these two talented teams in a united quest for scientific innovation.
"Our novel approach to discovering and advancing oral, small molecules against validated protein-protein interaction targets has even greater potential with Lilly's industry-leading clinical development capabilities to get these medicines to patients suffering from autoimmune diseases."
Under the terms of the agreement, Lilly will pay Dice $48 per share in cash, representing a premium of about 40% to the company’s 30-day volume-weighted average trading price.
The transaction is not subject to any financing condition and is expected to close in the third quarter of this year, subject to customary closing conditions.
Patrik Jonsson, executive vice president, president of Lilly Immunology and Lilly US, chief customer officer, said: "In combination with its novel technology and expertise in drug discovery, Dice's talented workforce and passion for innovation will enhance our efforts to make life better for people living with devastating autoimmune diseases.
"We welcome DICE colleagues to Lilly and, together, we can tackle the challenges ahead in finding new treatments for patients with significant unmet medical needs."
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