Eli Lilly (NYSE:LLY) stock is a hot topic among traders on Friday after the company announced its acquisition of Versanis Bio.
Versanis Bio is a clinical-stage biopharmaceutical company developing treatments for cardiometabolic diseases. Its lead product candidate is bimagrumab. This is a monoclonal antibody that binds activin type II A and B receptors to block activin and myostatin signaling.
Eli Lilly acquiring Versanis Bio could grant Versanis Bio shareholders up to $1.925 billion in cash. That includes both the upfront payment for the company as well as additional payments from milestones and sales progress.
Mark Pruzanski, M.D., chairman and CEO of Eli Lilly, said the following about the news:
“It has been a privilege for our team to advance bimagrumab to address one of the greatest health crises of our time. As a global leader developing life-changing medicines, Lilly is ideally positioned to realize the potential of bimagrumab in combination with its incretin therapies to benefit people living with cardiometabolic diseases.”
LLY Stock Movement on Friday
Investors appear hopeful about the Versanis Bio acquisition being good for LLY stock. As of this writing, the company’s shares are up 2.8%. That comes as some 862,000 shares change hands. For comparison, the company’s daily average trading volume is closer to 3 million shares.
LLY isn’t the only stock that we have all of the latest news about on Friday!
InvestorPlace is home to plenty of other stock market stories that traders will want to read about today! That includes everything happening with shares of Intuitive Machines (NASDAQ:LUNR), Nikola (NASDAQ:NKLA), and Plug Power NASDAQ:PLUG) stock today. We’ve got all of this news ready to go below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
