+0.15% to $1137.82 from $1136.11
What moved LLY
- Berenberg raised its rating on Eli Lilly to Buy and lifted its price target to $1,400 from $1,220.
- The upgrade followed commercial updates at the Morgan Stanley Global Healthcare Conference showing Lilly’s oral obesity pill Foundayo had captured more than 30% of new U.S. patients in that segment since its April launch.
Sources: Seeking Alpha · Cryptonomist
-1.52% to $1156.73 from $1174.61
What moved LLY
- Eli Lilly agreed to acquire Merida Biosciences for up to $2.88 billion in cash, combining an upfront payment with milestone-based payments; the deal is expected to close in the fourth quarter.
- Merida’s lead candidate, MER511, is in early development for autoimmune conditions such as Graves’ disease and thyroid eye disease, and initial data showed it substantially lowered the thyroid-stimulating antibodies linked to those diseases.
- The purchase extends a run of dealmaking for Lilly this year as it looks to diversify beyond its blockbuster obesity and diabetes franchises.
- Lilly shares edged lower in premarket trading following the announcement.
Sources: Bloomberg · Fierce Biotech · CNBC