Indianapolis-based Eli Lilly and Co.’s (NYSE: LLY) $8 billion acquisition of Loxo Oncology Inc. (Nasdaq: LOXO) has cleared its first hurdle. Lilly says the deal has made it past the waiting period under the Hart-Scott-Rodino Antitrust Act.
The acquisition was first announced in early January. Lilly says the deal will add precision medicines to its oncology portfolio.
Lilly’s tender offer to acquire all outstanding shares of Loxo Oncology for $235 per share is scheduled to expire February 14. The company says the acquisition is expected to close by the end of the first quarter.