Eli Lilly too makes bet on immunotherapy: Armo Biosciences acquired for $1.6bn

The US-based group Eli Lilly today has announced it has acquired US-based Armo BioSciences Inc. for $1.6bn. The price paid by Eli Lilly corresponds to $50 per share, that is a 68% premium over the yesterday’s closing price. Armo is a California-based biotech focused on cancer therapies, whose main asset is pegilodecakin, an immunotherapy that has been clinically tested on patients with pancreatic cancer. Armo was listed last January and its capitalization has doubled since then. The company had as little as 21 employees in December 2017 and had not generated any revenues. Eli Lilly’s shares yesterday opened at +1% (Nasdaq).

(Sources: Eli Lilly, Nasdaq)