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Eli Lilly Finalizes Acquisition Agreement with Morphic for $3.2 Billion

  • July 8, 2024

 

MORF Merger

Eli Lilly and Company (LLY) on July 8, 2024, entered a definitive merger agreement to acquire Morphic Holding, Inc. (MORF) for $3.2 billion in cash, giving the U.S. drugmaker access to an experimental drug for types of inflammatory bowel diseases.

Mechanics of the Deal:

Under the agreement, Lilly will launch a tender offer to acquire all outstanding shares of Morphic at $57 per share in cash, representing a 79% premium to Morphic’s Friday close.

The acquisition, expected to close in the third quarter of 2024, will expand Eli Lilly’s immunology pipeline through oral integrin therapies.

Company Profile:

Morphic is a biopharmaceutical company developing oral integrin therapies for serious chronic diseases like autoimmune, cardiovascular, metabolic diseases, fibrosis, and cancer.

Morphic’s main project is MORF-057, an oral drug for treating inflammatory bowel disease (IBD), now in Phase 2 trials for ulcerative colitis and Crohn’s disease. Morphic is also developing early-stage drugs for autoimmune diseases, pulmonary hypertension, fibrotic diseases, and cancer.

Ulcerative colitis is a chronic inflammatory bowel disease that causes inflammation and ulcers in the lining of the colon and rectum, leading to symptoms like abdominal pain, diarrhea, and rectal bleeding.

Eli Lilly, which is famous for its diabetes and obesity drugs, Mounjaro and Zepbound. also received U.S. Food and Drug Administration approval last year for Omvoh, a treatment for adults with moderate-to-severe active ulcerative colitis.

Deal Metrics:

For more comprehensive information related to this M&A transaction, please visit the Deal Metrics page here:

Deal Metrics for the acquisition of Morphic Holding, Inc. (MORF) by Eli Lilly and Company (LLY)

The Deal Metrics page for each merger or acquisition includes:

  • A spread history chart of the merger from announcement through eventual completion or failure.
  • A timeline of key events as the merger progresses through the expiration of the HSR period, regulatory approvals, shareholder votes, etc.
  • News updates and SEC filings.
  • A history of deal updates.
  • And much more.

Disclaimer: This article is intended for informational purposes only. Please conduct your own due diligence before buying or selling any securities mentioned in this article. The accuracy and completeness of the content or data provided in this article is not guaranteed.

Editor’s Note: Baranjot Kaur contributed to this article