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ARTICLE | Company News

Despite outreach to over 18 companies, Lilly was only biopharma to offer Dermira takeout

January 22, 2020 9:53 PM UTC
Updated on Jan 22, 2020 at 11:39 PM UTC

Dermira’s multiyear quest to find a partner for lebrikizumab found it knocking on the doors of over 18 biopharmas, but only Eli Lilly was interested in submitting a bid to acquire the autoimmune and dermatology company.

SEC documents released Wednesday revealed the back-and-forth negotiations between Dermira Inc. (NASDAQ:DERM) and Eli Lilly and Co. (NYSE:LLY), which culminated in Lilly’s announcement on Jan. 10 that it would acquire Dermira for about $1.1 billion in cash at a 117% premium to Dermira’s close before the pharma’s initial bid (see “Lilly Bolsters Atopic Dermatitis Arsenal”)...

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