Eli Lilly and Co is to acquire Verve Therapeutics Inc of Boston, US, in a share transaction valued at $1 billion upfront in order to broaden its portfolio of treatments for people at risk of cardiovascular disease. Announced on 17 June, the deal comes two years after the companies entered a collaboration to explore the use of in vivo gene editing to develop therapies for genetic diseases. With a candidate medicine for artherosclerotic cardiovascular disease now in Phase 1b, the companies have decided to merge.
Under terms of the agreement, Lilly will launch a tender to acquire all of the outstanding shares of Verve for $10.50 per share in cash, payable at closing, plus one non-tradeable contingent value right per share that entitles the holder to receive an additional $3.00 per share for a potential total consideration of up to $13.50 per share. The purchase price at closing represents a premium of about 113% to the 30-day volume-weighted average trading price of Verve’s shares on 16 June.
The lead product, Verve-102, is an in vivo gene editing medicine that targets the PCSK9 gene, which is linked to cholesterol levels and cardiovascular health. It has been granted a ‘fast track’ designation by the Food and Drug Administration. In vivo gene therapy involves the delivery of genetic material to target cells that remain inside the body. By comparison ex vivo therapy involves extracting and engineering cells outside the body and then returning them to patients as treatments. Lilly said that the treatment may be applicable for people who have heterozygous familial hypercholesterolaemia, a subset of atherosclerotic cardiovascular disease. This disease is estimated to affect about one in 250 people in the general population.
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