US pharma firm Eli Lilly to acquire Verve Therapeutics for $1.3B

By Mucahithan Avcioglu

ISTANBUL (AA) - Eli Lilly announced Tuesday that it plans to acquire Boston-based clinical-stage firm, Verve Therapeutics, for $1.3 billion.

A statement from the American pharmaceutical company said an agreement has been reached to acquire Verve Therapeutics, which develops genetic drugs to provide cardiovascular risk reduction with a single dose.

The acquisition is expected to be completed in the third quarter.

"Verve is developing a pipeline of gene editing medicines designed to address the drivers of atherosclerotic cardiovascular disease (ASCVD) through treatments that may only need to be given once in a lifetime," Eli Lilly said in a statement.

Eli Lilly will acquire all of Verve's outstanding shares for $10.50 per share in cash and it will be entitled to receive an additional payment of up to $3 per share, subject to additional conditions.

"Lilly is eager to welcome our Verve colleagues to Lilly and continue the development of these promising potential new medicines aimed at improving outcomes for patients with cardiovascular disease and addressing the significant unmet medical need in this space," said Ruth Gimeno, Lilly group vice president.