Lilly Completes Acquisition of ARMO BioSciences
Eli Lilly and Company (NYSE: LLY) today announced the successful completion of its acquisition of ARMO BioSciences, Inc. (NASDAQ: ARMO).
Lilly's tender offer for all outstanding shares of common stock of ARMO, at a price of $50.00 per share in cash, expired as scheduled on Thursday, June 21, 2018. As of the expiration of the tender offer, 27,542,054 shares of ARMO common stock were validly tendered and not properly withdrawn, representing approximately 90.6 percent of the shares of ARMO common stock outstanding, and have been accepted for payment under the terms of the tender offer. Following completion of the tender offer, Lilly completed the acquisition of ARMO through the previously-planned second-step merger.
"We are pleased to announce the completion of our acquisition of ARMO BioSciences, which adds a promising clinical immunotherapy asset, pegilodecakin, to Lilly's oncology portfolio," said Sue Mahony, Ph.D., Lilly senior vice president and president of Lilly Oncology. "Lilly will continue to pursue medicines that use the body's immune system in new ways to treat cancer and that have the potential to make a meaningful difference to patients with cancer."
This impact of the transaction will be reflected in Lilly's reported results and financial guidance according to Generally Accepted Accounting Principles (GAAP). There is no expected change to Lilly's 2018 non-GAAP earnings per share guidance as a result of this transaction.