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

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.

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