Indianapolis-based Eli Lilly and Co. (NYSE: LLY) has completed its acquisition of ARMO BioSciences Inc. of California. The deal, which was valued at approximately $1.6 billion when first announced last month, boosts Lilly’s immuno-oncology pipeline. Lilly offered $50 per share of ARMO stock for the company.
ARMO’s portfolio includes a treatment in late-stage clinical trials for pancreatic cancer called pegilodecakin. It is also being investigated in early-stage trials for lung cancer, renal cell cancer and other types of the disease.
Lilly Oncology President Sue Mahony says "we are pleased to announce the completion of our acquisition of ARMO BioSciences, which adds a promising clinical immunotherapy asset, pegilodecakin, to Lilly’s oncology portfolio. Lilly will continue to pursue medicines that use the body’s immune system in new ways to treat cancer and that have the potential to make a meaningful difference to patients with cancer."
You can connect to more about the deal by clicking here.