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Eli Lilly to Buy Loxo Oncology for $8 Billion

  • Eli Lilly to acquire approved cancer medine, plus pipeline
  • $235 per-share price is a 68% premium to Loxo’s Friday close
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Eli Lilly is buying quiring Loxo Oncology for about $8 billion in cash. Bloomberg’s Rebecca Spalding reports.Source: Bloomberg)
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Eli Lilly & Co. will acquire Loxo Oncology Inc. for about $8 billion in cash, the second multibillion-dollar cancer deal of the year by a major U.S. pharmaceutical company.

The purchase is Indianapolis-based Lilly’s biggest takeover ever, according to data compiled by Bloomberg. Loxo holders will get $235 per share in cash, the companies said in a statement Monday. The Stamford, Connecticut-based biotechnology company is developing cancer treatments that target a tumor’s genetic markers regardless of where in the body they’re located.