Indianapolis-based Eli Lilly and Co. (NYSE: LLY) has completed its $8 billion acquisition of Loxo Oncology Inc. (Nasdaq: LOXO) in Connecticut. Loxo Chief Executive Officer Josh Bilenker says the deal will allow the company to realize the full value of its pipeline of medicines.
Plans for the acquisition were first announced in early January. Lilly says the deal will broaden the scope of its oncology portfolio into precision medicines with the addition Loxo’s pipeline of medicines for patients with specific types of cancers.
"We are pleased to announce the completion of our acquisition of Loxo Oncology, which will expand the breadth of our portfolio into precision medicines and target cancers that are caused by specific gene abnormalities," said Anne White, president of Lilly Oncology. "We look forward to working with the Loxo Oncology team and continuing to rapidly advance this pioneering scientific innovation and improve the lives of people with cancer."
As a result of the acquisition, Loxo’s common stock will be delisted from the Nasdaq Stock Market.