Here’s what you should know.
1. Eli Lilly is acquiring CoLucid’s late-stage experimental drug for migraine headaches.
2. Eli Lilly will pay CoLucid’s shareholders $46.50 per share. CoLucid shares closed Jan. 17, 2017, trading at $34.30 a share.
3. New CEO Dave Ricks told the Indianapolis Business he is attempting to boost Eli Lilly’s drug pipeline to “launch dozens of products over the next decade.”
4. The migraine drug has completed the first of two phase III trials. Eli Lilly will receive data from the second trial in the second half of 2017, with the intent to submit the drug for FDA approval at that time.
5. Eli Lilly originally discovered the migraine drug, but licensed it to CoLucid in 2005. CoLucid developed the drug fully in the time that’s passed.
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