Lilly to Acquire Prevail Therapeutics for ~$1.04B

Shots:

• Lilly to acquire Prevail for $22.50/ share in cash (~ $880M) payable at closing plus one non-tradable CVR worth up to $4.00/ share in cash (~160M), making a total of $26.50/share in cash (~$1.040B). The transaction is expected to be close in Q1’21
• The CVR is payable upon the first regulatory approval of a product from Prevail’s pipeline either in the US or any other country including Japan, UK, Germany, France, Italy or Spain. If approval occurs after Dec 31, 2024, the value of the CVR will be reduced by ~8.3% /month until Dec 1, 2028 (at which point the CVR will expire)
• The acquisition will establish a new modality at Lilly, extending its research in gene therapy program, anchored via Prevail’s pre/clinical neuroscience asset

Click here ­to­ read full press release/ article | Ref: Lilly | Image: BusinessWire