Eli Lilly (LLY) and Verve Therapeutics (VERV) said Thursday that the former's tender offer to acquire Verve expired on Wednesday with about 55.7% of Verve outstanding shares validly tendered, allowing Eli Lilly to move ahead with completing the acquisition.
Eli Lilly and Verve said shareholders who tendered their shares will receive $10.50 per share in cash along with a non-tradable contingent value right worth up to $3 based on achieving a specific milestone.
The acquisition is expected to be finalized Friday, the companies said.
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