Dice Therapeutics Jumps on Eli Lilly Takeover: M&A Snapshot (1)

(Adds share-price move.)

Dice Therapeutics shares rise 39% in premarket trading to $46.99 following news that Eli Lilly will begin a tender offer to buy the company for about $2.4 billion in cash.

• Purchase price of $48 per share
• Premium of about 40% to the 30-day volume-weighted average DICE trading price ended on June 16, Lilly says
• Lilly to determine the transaction’s accounting treatment as a business combination or an asset acquisition upon close
  • Deal will then be reflected in Lilly’s financial results and guidance
• Not subject to any financing condition
• Expected to close in 3Q 2023
• Centerview Partners is ...