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Eli Lilly: buys U.S. immunotherapy firm ARMO BioSciences

(CercleFinance.com) - Eli Lilly said on Tuesday it would acquire ARMO BioSciences for approximately 1.
6 billion dollars, to bolster its immuno-oncology program.

California-based ARMO's lead product candidate, pegilodecakin, is currently being trialled in a Phase 3 clinical trial in pancreatic cancer, as well as earlier-phase studies in lung and renal cell cancer, melanoma and other solid tumour types.

The drug has been designed to activate the immune system of cancer patients to recognise and eradicate tumours.

Under the terms of the agreement, Lilly will launch a tender offer to acquire all shares of ARMO for a purchase price of 50 dollars per share in cash.

The shares closed at 29.8 dollars last night.

The transaction is expected to conclude by the end of the second quarter of 2018, Lilly said.

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