Eli Lilly strikes $1.3 billion deal to buy gene-editing startup Verve Therapeutics, companies say
Lilly has struck multiple partnership deals with gene-editing companies in the last two years to expand its portfolio beyond its blockbuster weight-loss and diabetes drugs.
The drugmaker will buy Verve for $10.5 per share, which is a premium of 67.5% on the company's last close.
The deal includes an upfront payment of almost $1 billion and a further $300 million based on the genetic-medicines firm achieving certain clinical milestones.
The companies are already partnering to develop gene-editing therapies to reduce high cholesterol in people with heart disease, which are expected to be used in combination with other drugs.
Shares of Lilly were down 1% before the bell.
Verve's gene-editing medicines target the PCSK9, ANGPTL3 and LPA genes responsible for regulating blood cholesterol levels.
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We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. Lilly is expected to post earnings of $5.56 per share for the current quarter, representing a year-over-year change of +41.8%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.4%. For the current fiscal year, the consensus earnings estimate of $21.95 points to a change of +69% from the prior year. Over the last 30 days, this estimate has changed -0.5%. 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