SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Investors of an Investigation Regarding Whether the Sale of ARMO BioSciences, Inc. to Eli Lilly is Fair to Shareholders

The following statement is being issued by Levi & Korsinsky, LLP:

To: All Persons or Entities who purchased ARMO BioSciences, Inc. ("ARMO" or the "Company") (NASDAQ:ARMO) stock prior to May 10, 2018.

You are hereby notified that Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of ARMO to Eli Lilly and Company (NYSE:LLY) for $50 per share. To learn more about the action and your rights, go to:

http://www.zlk.com/mna/armo-biosciences-inc

or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.

The investigation concerns whether the Board of ARMO breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Eli Lilly and Company is underpaying for ARMO shares, thus unlawfully harming ARMO shareholders.

Levi & Korsinsky is a national firm with offices in New York, Connecticut, California, and Washington D.C. The firm's attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities lawsuits and have recovered hundreds of millions of dollars for aggrieved shareholders. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180510005750/en/