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Lilly Pays Nearly $1bn To Regain Migraine Candidate It Once Sold For $1m

 
• By Joseph Haas

In acquiring biotech CoLucid and its Phase III acute migraine candidate lasmiditan for $960m, Lilly gets back an asset it discovered and out-licensed more than a decade ago. The pharma hopes to pair the 5-HT1F agonist with galcanezumab to create a two-drug migraine franchise.

Human brain illustrated with millions of small nerves - Conceptual 3d render

Eli Lilly & Co.'s $960m buyout of CoLucid Pharmaceuticals Inc. on Jan. 18 brings home a late-stage migraine candidate it discovered and out-licensed more than a decade ago and bolsters its pain pipeline with a third Phase III asset.

Lilly declined to say whether the acquisition of Cambridge, Massachusetts-based CoLucid stemmed from a competitive process, but the all-cash purchase price of $46.50 per share represents a 33% premium over the biotech's closing price on Jan. 17. The deal also values CoLucid at 365% above its initial public offering in 2015 – an IPO that netted $51

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