Why Organovo (ONVO) Stock Is Skyrocketing

Organovo Holdings Inc ONVO shares are trading higher by 198.1% to $1.12 Tuesday morning after the company announced that Eli Lilly And Co LLY is set to acquire its FXR program, including FXR314.

What To Know: San Diego-based biotechnology company Organovo announced that Eli Lilly will acquire its FXR program, including lead asset FXR314, aimed at treating inflammatory bowel disease. Organovo Executive Chairman Keith Murphy called the deal a major milestone, highlighting Lilly's expertise in drug development.

The agreement includes an upfront payment to Organovo, along with potential milestone payments tied to regulatory and commercial achievements. Lilly will gain full commercial and intellectual property rights to the FXR program for global development.

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According to data from Benzinga Pro, ONVO has a 52-week high of $1.74 and a 52-week low of $0.32.