Eli Lilly set to buy Loxo Oncology for about $8 billion in cancer bet

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Eli Lilly set to buy Loxo Oncology for about $8 billion in cancer bet

Eli Lilly said on Monday, it would buy Loxo Oncology for about $8 billion dollars in cash, buying into a portfolio of targeted medicines to treat cancers.

The offer of $235 per share in cash represents a premium of about 68 percent to Loxo’s Friday close. Loxo’s shares surged 32.8 percent to $185.70 in light trading before the bell, while those of Lilly dropped 2.7 percent to $111.60.

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