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Through the agreement, Eli will expand its immunology pipeline with lebrikizumab, Dermira’s novel, investigational, monoclonal antibody designed to bind interleukin-13 with high affinity.
Eli Lilly and Company announced on Jan. 10, 2020 that it is acquiring Dermira, a biopharmaceutical company focused on developing therapies for chronic skin conditions, for $1.1 billion in an all-cash transaction.
Eli Lilly will acquire all outstanding shares of Dermira for $18.75 per share in cash and will obtain any shares of the company that are not tendered into the tender offer through a second-step merger at the tender offer price following closing. The deal is expected to be completed by the end of the first quarter of 2020, according to a company press release.
Through the agreement, Lilly will expand its immunology pipeline with lebrikizumab, Dermira’s novel, investigational, monoclonal antibody (mAb) designed to bind interleukin-13 with high affinity. The mAb is currently being evaluated for the treatment of moderate-to-severe atopic dermatitis in adolescent and adult patients, ages 12 years and older. The acquisition will also expand Lilly’s portfolio of dermatology medicines with the inclusion of Qbrexza (glycopyrronium) cloth, a medicated cloth approved by FDA for the treatment of primary axillary hyperhidrosis, a condition that causes uncontrolled excessive underarm sweating.
"People suffering from moderate-to-severe atopic dermatitis have significant unmet treatment needs, and we are excited about the potential that lebrikizumab has to help these patients," said Patrik Jonsson, Eli Lilly senior vice president and president of Lilly Bio-Medicines, in the press release. "The acquisition of Dermira is consistent with Lilly's strategy to augment our own internal research by acquiring clinical-phase assets in our core therapeutic areas and leveraging our development expertise and commercial infrastructure to bring new medicines to patients. This acquisition provides an opportunity to add a promising Phase [III] immunology compound for atopic dermatitis, while also adding an approved dermatology treatment for primary axillary hyperhidrosis. We look forward to completing the acquisition and continuing Dermira's excellent work."
"Since Dermira's inception, we have been focused on applying strong science to medical dermatology with the goal of finding new ways to treat some of the most common skin conditions that affect millions of people every year," added Tom Wiggans, chairman and CEO, Dermira, in the press release. "We are pleased that Lilly has recognized the progress we have made and the opportunities for lebrikizumab and Qbrexza. We share with Lilly a common interest in helping patients through the development of innovative treatments and believe that patients and physicians will benefit from the resources that Lilly can bring to maximize the potential of our programs. We also believe this proposed transaction is in the best interests of Dermira and our stockholders and affirms the dedication and important groundwork established by Dermira's talented employees since the founding of the company nearly 10 years ago."
Source: Eli Lilly