Eli Lilly and Company has completed its previously announced acquisition of Dermira, a biopharmaceutical company that develops new therapies for chronic skin conditions, for approximately $1.1 billion.

Lilly says the acquisition expands the company’s immunology pipeline with the addition of lebrikizumab, an investigational monoclonal antibody for the treatment of moderate-to-severe atopic dermatitis in adolescent and adult patients, ages 12 years and older, which is being evaluated in a Phase III clinical development program. The acquisition of Dermira also expands Lilly’s portfolio of marketed dermatology medicines with the addition of Qbrexa (glycopyrronium), a medical cloth approved by the US Food and Drug Administration (FDA) for the topical treatment of primary axillary hyperhidrosis (uncontrolled excessive underarm sweating).

The tender offer for all of the outstanding shares of common stock of Dermira at a price of $18.75 per share, net to the seller in cash, without interest and less any required tax withholding, expired as scheduled on February 19, 2020. Computershare Trust Company, the depositary and paying agent for the offer, has advised Lilly that 40,926,025 shares of Dermira common stock were validly tendered and not properly withdrawn in the offer, representing approximately 74.8 % of the shares of Dermira common stock outstanding. All of the conditions to the offer have been satisfied, and on February 20, 2020, Lilly and its wholly owned subsidiary, Bald Eagle Acquisition Corporation, accepted for payment, and will pay for, all shares validly tendered and not properly withdrawn in the offer.

Source: Eli Lilly and Company