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.
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