Lilly to acquire Verve Therapeutics

US pharma major Eli Lilly (NYSE: LLY) today announced a definitive agreement to acquire Verve Therapeutics (Nasdaq: VERV), a Boston-based clinical-stage company developing genetic medicines for cardiovascular disease, sending Verve’s shares up 77.7% to $11.15 in premarket trading.

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. Verve's lead program (VERVE-102) is a potential first-in-class in vivo gene editing medicine targeting PCSK9, a gene linked to cholesterol levels and cardiovascular health. VERVE-102 is being evaluated in a Phase Ib clinical trial study and has been granted Fast Track designation by the US Food and Drug Administration.

Lilly said it will commence a tender offer to acquire all of the outstanding shares of Verve for $10.50 per share in cash (an aggregate of around $1.0 billion) payable at closing, plus one non-tradeable contingent value right (CVR) per share that entitles the holder to receive up to an additional $3.00 per share.