Lilly to acquire biopharmaceutical company Morphic; aims to improve results for IBD patients
INDIANAPOLIS (WISH) — Eli Lilly and Co. announced Monday morning that it has reached an agreement to acquire biopharmaceutical company Morphic.
The Massachusetts-based Morphic describes itself as a leader in the development of oral integrin drugs and therapies, including a molecular inhibitor for inflammatory bowel disease.
This same molecular treatment was being evaluated in studies on ulcerative colitis and Crohn’s disease, the release says. Morphic also says they are developing a pipeline of other molecular treatments for “autoimmune diseases, pulmonary hypertensive diseases, fibrotic diseases, and cancer.”
Dr. Daniel Skovronsky, chief scientific officer of Lilly and president of Lilly Research Laboratories and Lilly Immunology, says Lilly is eager to welcome Morphic to the company and improve patient outcomes.
“Oral therapies could open up new possibilities for earlier intervention in diseases like ulcerative colitis, and also provide the potential for combination therapy to help patients with more severe disease,” Skovronsky said. “We are eager to welcome Morphic colleagues to Lilly as this strategic transaction reinforces our commitment to developing new therapies in the field of gastroenterology, where Lilly has made significant investments to deliver first-in-class molecules for the benefit of patients.”
Lilly says under the terms of the agreement, Lilly will offer to acquire all Morphic shares for $57 per share, or approximately $3.2 billion at closing.