Home Fairfield Eli Lilly to buy Loxo Oncology for $8 billion

Eli Lilly to buy Loxo Oncology for $8 billion

Loxo Oncology, a Stamford-headquartered biopharmaceutical company focused on creating medicines to combat genomically defined cancers, is to be acquired by Eli Lilly and Co. for $235 per share in cash, or approximately $8 billion.

The acquisition is not subject to any financing condition and is expected to close by the end of the first quarter.

Loxo Oncology Eli Lilly
Bilenker

In late November, Loxo Oncology received approval from the U.S. Food and Drug Administration for its cancer drug Vitrakvi, also known as larotrectinib. The FDA previously granted Vitrakvi breakthrough therapy designation, rare pediatric disease designation and orphan drug designation. The new approval enabled Loxo Oncology and its development partner Bayer to sell the drug in oral capsules and as a liquid formulation for adults and children.

The company has also developed LOXO-292, which has been granted breakthrough therapy designation by the FDA for three indications, with an initial potential launch in 2020.

“We are gratified that Lilly has recognized our contributions to the field of precision medicine and are excited to see our pipeline benefit from the resources and global reach of the Lilly organization,” said Josh Bilenker, CEO of Loxo Oncology. “Tumor genomic profiling is becoming standard-of-care and it will be critical to continue innovating against new targets, while anticipating mechanisms of resistance to available therapies, so that patients with advanced cancer have the chance to live longer and better lives.”

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Phil Hall's writing for Westfair Communications has earned multiple awards from the Connecticut Press Club and the Connecticut Society of Professional Journalists. He is a former United Nations-based reporter for Fairchild Broadcast News and the author of 10 books (including the 2020 release "Moby Dick: The Radio Play" and the upcoming "Jesus Christ Movie Star," both published by BearManor Media). He is also the host of the SoundCloud podcast "The Online Movie Show," co-host of the WAPJ-FM talk show "Nutmeg Chatter" and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill's Congress Blog, Profit Confidential, The MReport and StockNews.com. Outside of journalism, he is also a horror movie actor - usually playing the creepy villain who gets badly killed at the end of each film.

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