Shares of Verve Therapeutics (VERV) soared 80.70% in pre-market trading on Tuesday, following reports that pharmaceutical giant Eli Lilly (LLY) is in advanced talks to acquire the gene-editing startup for up to $1.3 billion. The dramatic surge comes as investors react to the potential deal, which could significantly boost Verve's market position and resources.
According to the Financial Times, Eli Lilly's acquisition bid includes an upfront payment of nearly $1 billion, with an additional $300 million tied to specific clinical milestones. The deal, which could be announced as early as this week if negotiations proceed smoothly, represents a strategic move by Eli Lilly to strengthen its pipeline of experimental medicines, particularly in the gene-editing sector.
Verve Therapeutics, known for its innovative approach to genetic medicine, is currently developing a gene therapy aimed at reducing high cholesterol levels. This therapy is expected to be used in combination with other drugs, potentially complementing Eli Lilly's existing portfolio. The acquisition, if finalized, would mark a significant development in the biotechnology sector and could accelerate the advancement of gene-editing technologies in treating various diseases.
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