Why DICE Therapeutics Stock Is Soaring Tuesday

DICE Therapeutics Inc DICE shares are trading higher Tuesday after Eli Lilly And Co LLY agreed to acquire the company. 

The Details: DICE Therapeutics and Eli Lilly announced a definitive agreement under which Eli Lilly will commence a tender offer to acquire all outstanding shares of DICE for $48 per share in cash. 

"Our novel approach to discovering and advancing oral, small molecules against validated protein-protein interaction targets has even greater potential with Lilly's industry-leading clinical development capabilities to get these medicines to patients suffering from autoimmune diseases," said Kevin Judice, CEO of DICE.

The transaction has been approved by the boards of both companies and is expected to close in the third quarter. The transaction will be reflected in Eli Lilly's financial results and guidance after closing.

See Also: Ocugen And 2 Other Stocks Under $2 Insiders Are Aggressively Buying

DICE Price Action: DICE shares are hitting new 52-week highs on Tuesday. 

The stock was up 37.9% at $46.67 at the time of publication, according to Benzinga Pro.

Photo: Lorenzo Cafaro from Pixabay.