Eli Lilly to Buy Gene-Editing Biotech Verve for $1.3 Billion

Eli Lilly & Co. agreed to buy gene-editing biotech company Verve Therapeutics Inc. for $1.3 billion, the drugmaker’s latest investment in an experimental medicine that could fuel its long-term growth.

Lilly will pay as much as $13.50 per share, the companies said Tuesday, representing a 115% premium to Verve’s closing price on Monday. Shares of Verve surged as much as 77% Tuesday morning, its biggest intraday move in four years. Lilly’s stock dropped as much as 2.3%.