Lilly acquiring CoLucid

Eli Lilly and Co. (NYSE:LLY) is acquiring migraine company CoLucid Pharmaceuticals Inc. (NASDAQ:CLCD) for $46.50 per share in cash, or about $960 million. The price is a 33% premium to CoLucid's close Tuesday of $34.90, before the deal was announced. The companies expect to close the deal this quarter.

CoLucid expects data next half from the Phase III SPARTAN study of lasmiditan (oral COL-144) to treat acute migraine. The company hopes to submit an NDA to FDA for the candidate in 2018...