Lilly signs cancer drug deal worth up to $1.6 billion
Shares of Eli Lilly & Co. (LLY) gained 0.8% in premarket trading on Wednesday, the day after the drugmaker announced a deal worth up to $1.6 billion with Merus (MRUS) to develop three antibody therapies aimed at treating cancer. The Dutch company's stock was down 5.1% in premarket trading on Wednesday. The deal, which includes research and a licensing agreement, is designed to give Merus an upfront payment of $40 million, a $20 million equity investment, and up to $540 million in potential milestone payments. Over the last year, Lilly's stock has gained 42.2%, shares of Merus are up 45.5%, and the S&P 500 has rallied 14.5%.
-Jaimy Lee; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
January 20, 2021 07:35 ET (12:35 GMT)
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