Dice Therapeutics (NASDAQ:DICE) stock is surging higher on Tuesday after Eli Lilly (NYSE:LLY) announced plans to acquire the biopharmaceutical company.
According to a news release, Eli Lilly is paying $48 per share to acquire all outstanding shares of DICE stock through a tender offer. This represents a 40% premium to the stock’s 30-day volume-weighted average trading price as of Friday.
Under the terms of the agreement, Eli Lilly is paying a total of $2.4 billion for Dice Therapeutics. The company notes that this payment will be in cash and that the acquisition is not subject to any financing condition.
Additionally, the boards of directors at both companies have already signed off on the acquisition. The Dice Therapeutics board is also unanimously recommending that investors tender their shares of DICE stock in the tender offer.
Timing of the DICE Stock Deal
Before the deal can close, Eli Lilly and Dice Therapeutics will need to complete customary closing conditions. That includes approval from regulators and investors. If all goes according to plan, the acquisition should close in the third quarter of 2023.
Alongside the acquisition news comes heavy trading of DICE stock. As of this writing, more than 2.8 million shares have changed hands. That’s already well above its daily average trading volume of about 460,000 shares.
DICE stock is up 37.7% as of Tuesday morning!
Investors looking for more of the most recent stock market news are in the right place!
InvestorPlace offers up all of the hottest stock market coverage that traders need to know about on Tuesday! Among that is what’s happening with shares of Faraday Future (NASDAQ:FFIE), Surgalign (NASDAQ:SRGA), and Evelo Biosciences (NASDAQ:EVLO) stock. You can get up to speed on all of these matters at the following links!
More Tuesday Stock Market News
- Why Is Faraday Future (FFIE) Stock Down 35% Today?
- Why Is Surgalign (SRGA) Stock Down 55% Today?
- Why Is Evelo Biosciences (EVLO) Stock Up 51% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
