Eli Lilly and Company (LLY), Tuesday announced an agreement regarding the acquisition of SiteOne Therapeutics, Inc., a private biotechnology company, for upto $1 billion in cash, including an upfront payment and subsequent milestone payments.
The acquisition includes STC-004, a Phase 2 ready Nav1.8 inhibitor being studied for the treatment of pain.
Upon the completion of the deal, the company expects to continue the development of STC-004 along with the SiteOne team, paving way for advancement of new non-opioid medicines for pain management.
Currently, LLY is trading at $719.54, up 0.82 percent on the New York Stock Exchange.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.