Eli Lilly Acquiring Prevail Therapeutics in $880 Million Deal

Eli Lilly (NYSE: LLY) will soon add a new asset to its portfolio. The veteran pharmaceutical company announced on Tuesday that it has signed a definitive agreement to acquire gene therapy specialist Prevail Therapeutics (NASDAQ: PRVL).

The price is $22.50 per share in cash, which will be paid at the deal's closing. This values the deal at roughly $880 million. Prevail stockholders will also receive one nontradeable contingent value right (CVR) worth up to $4 per share, if and when their company receives its first regulatory approval in either the U.S., Japan, the U.K., Germany, France, Italy, or Spain.

Image source: Getty Images.

Continue reading

Source Fool.com