NYSE-listed U.S. pharmaceutical giant ELI LILLY (LLY) closed up 3.60% on Friday July 14 on news of its $1.93 billion cash acquisition deal of Versanis Bio, a privately held biopharmaceutical company focused on development of new drugs for cardiometabolic diseases. Versanis’ product of focus is the monoclonal antibody bimagrumab, which is being evaluated in a Phase 2b study as monotherapy and also in combination with Novo Nordisk’s Wegovy in overweight or obese adults. Versanis shareholders may receive an upfront payment and subsequent payments upon the achievement of certain development and sales milestones.
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