January 7, 2019 / 11:37 AM / 9 days ago

Lilly to buy Loxo Oncology for about $8 bln

Jan 7 (Reuters) - Eli Lilly and Co said on Monday it would buy Loxo Oncology Inc for about $8 billion in cash.

The offer of $235 per share in cash represents a premium of about 68 percent to Loxo’s Friday close.

In November, a Loxo drug found to be effective against a wide variety of cancers driven by a single, rare genetic mutation won U.S. approval. (Reporting by Ankur Banerjee in Bengaluru Editing by Saumyadeb Chakrabarty)

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