ARMO BioSciences (ARMO) to be acquired by Eli Lilly (LLY) for $50.00/share

 

ARMO BioSciences to be acquired by Eli Lilly (LLY) for $50.00/share, or approximately $1.6 billion, in an all-cash transaction
The acquisition will bolster Lilly's immuno-oncology program through the addition of ARMO's lead product candidate, pegilodecakin, a PEGylated IL-10 which has demonstrated clinical benefit as a single agent, and in combination with both chemotherapy and checkpoint inhibitor therapy, across several tumor types. Lilly will promptly commence a tender offer to acquire all shares of ARMO BioSciences for a purchase price of $50 per share in cash, or approximately $1.6 billion. The transaction is expected to close by the end of the second quarter of 2018

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ARMO BioSciences (ARMO) began trading on the Nasdaq on Fri 26 Jan 18

ARMO BioSciences is a late-stage immuno-oncology company that is developing a pipeline of novel, proprietary product candidates designed to activate the immune system of cancer patients to recognize and eradicate tumors.

ARMO BioSciences priced its initial public offering of 7,529,412 shares of its common stock at a price to the public of $17.00 per share for total gross proceeds of approximately $128.0 million.