Shares of Organovo Holdings Inc. (ONVO), which soared over 240% yesterday, following a deal with Eli Lilly and Co. (LLY) are up another 18% in premarket trading today, reaching $1.50.
Organovo's FXR program, including its lead asset, FXR314, is all set to be acquired by Lilly. Under this transaction, Organovo will receive an upfront cash payment equal to $10.0 million and potential milestone payments of up to $50.0 million in the aggregate, which are contingent upon the achievement of certain development, regulatory, and commercial milestones. Lilly is acquiring all commercial and intellectual property rights to Organovo's FXR program for worldwide development.
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