Eli Lilly acquires CoLucid Pharmaceuticals for $960m

Eli Lilly announced today before Wall Street opened that it has acquired CoLucid Pharmaceuticals for $960m. The price corresponds to $46.5 per share, that is to say that Eli Lilly has paid a 33% premium to CoLucid Pharmaceuticals’ closing price yesterday evening. Colucid’s leading product is Lasmiditan, a 5-HT1F agonist for the treatment of acute migraine, for which CoLucid has completed the first of two pivotal Phase III trials. Results from the second clinical trial, SPARTAN, are expected in mid-2017. If these are positive, the product is likely to be launched on the market as early as 2018. Importantly, Lasmiditan was discovered by Eli Lilly and was out-licensed to CoLucid in 2005. CoLucid’s shares (NASDAQ) rose 32% in pre-market trading, while Eli Lilly’s (Dow Jones) remained unaltered. (Source Eli Lilly)