Eli Lilly and Company - LLY STOCK NEWS

GordonMD Global Investments announced that its portfolio company, Radionetics Oncology, has entered into a strategic agreement with Eli Lilly and Company (NYSE: LLY). This agreement focuses on developing targeted radiopharmaceuticals for cancer treatment.

As part of the deal, Radionetics received a $140 million upfront cash payment. Additionally, Lilly secured the exclusive right to acquire Radionetics for $1 billion upon the conclusion of an exercise period. Radionetics' innovative platform combines radiopharmaceuticals with small molecule targeting, particularly focusing on GPCRs, which hold significant potential in oncology.

Dr. Craig Gordon, CEO of GordonMD, expressed support for Radionetics' mission of advancing next-generation cancer treatments, aligning with their investment philosophy of fostering healthcare innovation.

Eli Lilly and Company (NYSE: LLY) has entered a definitive agreement to acquire Morphic Holding (NASDAQ: MORF) for $57 per share in cash, totaling approximately $3.2 billion. This acquisition aims to bolster Lilly's immunology pipeline with Morphic's lead molecule, MORF-057, an oral integrin therapy currently in Phase 2 studies for treating ulcerative colitis and Crohn's disease. The transaction has been approved by both companies' boards and is expected to close in Q3 2024, subject to standard conditions. The offer represents a 79% premium to Morphic's stock price as of July 5, 2024. Morphic's board recommends shareholders tender their shares.

The FDA has approved Eli Lilly's Kisunla (donanemab-azbt) for treating early symptomatic Alzheimer's disease (AD). The drug significantly slowed cognitive and functional decline by up to 35% in its Phase 3 trial and reduced the risk of disease progression by 39%. Kisunla, administered as a 30-minute monthly IV infusion, targets amyloid plaques and can stop therapy once plaques are removed, potentially lowering treatment costs. In the trial, nearly half of participants completed treatment within 12 months. Kisunla reduced amyloid plaques by 84% on average over 18 months. The treatment also carries risks of amyloid-related imaging abnormalities (ARIA) and allergic reactions.

Eli Lilly (NYSE: LLY) has announced a collaboration with OpenAI to leverage generative AI for developing novel antimicrobials against drug-resistant bacteria. This partnership aims to address the global threat of antimicrobial resistance (AMR), which disproportionately affects low and middle-income countries due to poverty and inequality. Misuse and overuse of antimicrobials are significant contributors to AMR. This collaboration builds on Lilly's previous commitment to combating AMR, including a $100 million investment in the AMR Action Fund to develop 2-4 new antibiotics by 2030. OpenAI's COO, Brad Lightcap, emphasized the potential of AI to drive pharmaceutical innovation.

Eli Lilly and Company (NYSE: LLY) has announced a dividend for the third quarter of 2024. The board of directors has declared a dividend of $1.30 per share on outstanding common stock.

This dividend will be payable on September 10, 2024, to shareholders who are on record by the close of business on August 15, 2024.

Lilly has announced that tirzepatide significantly reduced the severity of obstructive sleep apnea (OSA) in adults with obesity, with up to 51.5% of participants meeting criteria for disease resolution. The SURMOUNT-OSA phase 3 trials demonstrated that tirzepatide reduced OSA events by up to 62.8%, equating to 30 fewer events per hour compared to placebo. Additionally, 43.0% and 51.5% of participants at the highest dose achieved disease resolution. These results, presented at the ADA Scientific Sessions and published in NEJM, show significant improvements in various health markers. Lilly has submitted tirzepatide for FDA approval and anticipates regulatory action by the end of the year.

Eli Lilly announced positive results from the phase 2 SYNERGY-NASH study evaluating tirzepatide for metabolic dysfunction-associated steatohepatitis (MASH) with stage 2 or 3 fibrosis. The study enrolled 190 patients and showed that 51.8% to 73.3% of participants achieved MASH resolution without worsening fibrosis, compared to 13.2% on placebo at 52 weeks. Additionally, 53.3% to 59.1% saw a 1-stage improvement in fibrosis, compared to 32.8% on placebo. Secondary endpoints indicated improvements in body weight, liver injury markers, and liver fat biomarkers. The results were presented at the EASL Congress 2024 and published in The New England Journal of Medicine. Common adverse events were mild to moderate gastrointestinal issues. Lilly is in dialogue with regulatory authorities for the next steps in tirzepatide's development for MASH.

Eli Lilly and Company (NYSE: LLY) announced the resignation of Anat Ashkenazi, their Chief Financial Officer, effective July 2024. Ashkenazi is leaving to pursue a career opportunity outside the pharmaceutical industry. She has been with Lilly for 23 years, serving as CFO for the last three years, a period marked by significant growth for the company. Prior to her role as CFO, she held several key financial positions, including senior vice president, controller, and CFO of Lilly Research Laboratories. The company has initiated an internal and external search for her successor.

Eli Lilly and Co. (NYSE: LLY) announced that Melissa Seymour will join as executive vice president of Global Quality and Executive Committee member, effective July 22, 2024.

Seymour, currently the chief quality officer at Bristol Myers Squibb, succeeds Johna Norton, who is retiring after 34 years of service. Seymour brings over 25 years of experience in pharmaceutical quality leadership, having worked with companies like Biogen, Novo Nordisk, and Glaxo Smith Kline.

CEO David A. Ricks emphasized Seymour's expertise in quality initiatives and her role in maintaining Lilly's high standards. Seymour expressed enthusiasm about contributing to Lilly's commitment to patient health and safety.

Seymour holds degrees in biological sciences and biochemistry from North Carolina State University and an MBA from Duke University. She is also actively involved in industry organizations and holds several quality-related certifications.