Eli Lilly & Co. is buying Loxo Oncology for $8 billion. This is an all-cash deal and already the second multi-billion dollar pharmaceutical deal of 2019. Loxo holders will get $235 per share in cash, the companies said in a statement Monday. The Stamford, Connecticut-based biotechnology company is developing cancer treatments that target a tumor’s genetic markers regardless of where in the body they’re located.
Lilly is paying 68 percent above Loxo’s closing stock price Friday and above Loxo’s previous all-time high of $189.96, reached in July 2018. The news comes only a few days after Bristol-Myers Squibb Co. and Celgene Corp. announced a $74 billion cash-and-stock deal last week.