Eli Lilly Acquires Akouos For Over $450M To Accelerate Hearing Loss Gene Therapies

  • Big Pharma Eli Lilly And Co LLY has agreed to acquire Boston biotech Akouos Inc AKUS for a 78% premium over Monday’s closing price of $7.01.
  • Lilly is paying $12.50 per share. Lilly is also shelling out one contingent value right (CVR) for up to $3 a share.
  • The transaction is valued at approximately $487 million plus a contingent value right for an aggregate amount of up to approximately $610 million.
  • Akouos has integrated expertise across otology, inner ear drug delivery, and adeno-associated viral gene therapies for inner ear conditions and hearing loss. 
  • Its lead program, AK-OTOF, attempts to treat hearing loss resulting from mutations in the otoferlin gene. AK-OTOF received its first IND clearance last month, and a Phase 1/2 trial is being planned.
  • The company plans to provide an update on clinical trial initiation activities later this year.
  • Other pipeline programs are designed for other genetic hearing loss conditions.
  • Price Action: AKUS shares are up 87.90% at $13.17 during the premarket session on the last check Tuesday.
Market News and Data brought to you by Benzinga APIs
Posted In: BiotechLarge CapM&ANewsHealth CarePre-Market OutlookMoversTrading IdeasGeneralBriefswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!