US biotech Ventyx Biosciences’ shares surged more than 62% in post-market trading on Tuesday after The Wall Street Journal reported that the company is in advanced talks to be acquired by Eli Lilly in a deal valued at over $1 billion.
The Journal, citing people familiar with the matter, noted that a deal for Ventyx - which develops medicines to treat inflammatory diseases - could be announced imminently.
A potential buyout of Ventyx would add drugs for inflammatory bowel diseases such as Crohn's disease and ulcerative colitis to Lilly's portfolio, along with treatments for conditions like Parkinson's disease.
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