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Eli Lilly acquiring Morphic Therapeutic timeline
- Pharmaceutical company Eli Lilly has acquired Morphic Therapeutic for $53 per share in cash, a move that will expand Lilly's drug-development pipeline.
- In June 2024, Lilly planned to deliver a revised proposal to acquire all outstanding equity of the Company at a price of $53.00 per share in cash, without any financing contingency.
- On July 7, 2024, the board formally approved the use by Centerview of the projections for purposes of its financial analysis of the merger.
- It then approved the merger and other transactions, finding them fair to the company and its stockholders.
- Following the board meeting on July 7, 2024, Lilly, Purchaser and each supporting stockholder executed the tender and support agreements.
- Before the opening of trading on July 8, 2024, the Company and Lilly issued a joint press release announcing the execution of the Merger Agreement and the Tender and Support Agreements.
- On July 19, 2024, purchaser commenced the Offer.
- Throughout the transaction discussions between Lilly and the Company, neither Lilly nor purchaser had any discussions with, or made any offer to, any individual Company director or officer regarding post-closing employment with Lilly.
- Morphic is engaged in the research and development of oral small-molecule integrin-targeted therapies, which could help treat chronic diseases such as fibrosis and cancer.
- As part of the deal, Eli Lilly gained global development and commercialisation rights for Morphic’s classes of oral integrin therapeutics.
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