Lilly's $600M Deal with Verve Boosts Stock and Expands Gene Editing Programs
Eli Lilly has entered into a deal with Verve Therapeutics, acquiring the rights to three gene-editing drugs for $250 million upfront. Verve aims to use these drugs to lower proteins associated with high levels of "bad" cholesterol and triglycerides. Additionally, Eli Lilly will buy Beam Therapeutics' opt-in rights for the three cardiovascular programs for $200 million in cash and a $50 million equity investment. Verve's stock soared 28% following the announcement, while Beam's stock surged 10.6%.