View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
June 25, 2018

Eli Lilly closes $1.6bn ARMO BioSciences acquisition

Eli Lilly has completed the acquisition of immuno-oncology company ARMO BioSciences in an all-cash deal valued at nearly $1.6bn.

Eli Lilly has completed the acquisition of immuno-oncology company ARMO BioSciences in an all-cash deal valued at nearly $1.6bn.

Lilly originally signed a definitive agreement last month to buy all outstanding shares of ARMO for $50 each. The deal is part of Lilly’s strategy to strengthen its immune-oncology portfolio.

The transaction was carried out by merging Bluegill Acquisition Corporation with ARMO, which has now become a wholly owned subsidiary of Lilly.

Lilly Oncology senior vice-president and president Sue Mahony said: “We are pleased to announce the completion of our acquisition of ARMO BioSciences, which adds a promising clinical immunotherapy asset, pegilodecakin, to Lilly’s oncology portfolio.

“Lilly will continue to pursue medicines that use the body’s immune system in new ways to treat cancer and that have the potential to make a meaningful difference to patients with cancer.”

"Lilly will continue to pursue medicines that use the body’s immune system in new ways to treat cancer."

ARMO is a late-stage immuno-oncology firm working towards the development of new product candidates that will leverage patients’ immune system to detect and destroy tumours.

Pegilodecakin is the company’s lead candidate that is currently undergoing Phase III clinical trial for the treatment of patients suffering from pancreatic cancer.

Previously, the PEGylated IL-10 is said to have demonstrated clinical benefit as a monotherapy, as well as in combination with chemotherapy and checkpoint inhibitor therapy, for a variety of tumours.

The drug candidate is also being studied in other clinical trials for different types of solid tumours, including lung cancer, melanoma and renal cell cancer.

As well as from pegilodecakin, ARMO is also developing other immuno-oncology product candidates.

Related Companies

Free Report
img

What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Friday. The pharmaceutical industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU