Lilly to Pay $2.4 Billion for Immune Drug Developer Dice (2)

Eli Lilly & Co. will pay about $2.4 billion to acquire Dice Therapeutics Inc., a biotechnology company that is developing oral treatments for immune diseases.

Lilly agreed to pay $48 a share in cash for Dice, according to a statement Tuesday. That’s a 42% premium above the South San Francisco-based company’s closing share price on Friday. The transaction is expected to close in the third quarter.

Dice shares soared 38% to $46.64 shortly after markets opened at 9:57 a.m. in New York. Shares of Eli Lilly rose as much as 1.5%.

Big drugmakers have been shopping for biotech firms ...