Eli Lilly to spend about $8B on Loxo Oncology

7Jan - by Editor - 0 - In STL.News

Jan 07, 2019—Eli Lilly is spending about $8 billion in cash to buy Loxo Oncology, as the drugmaker bulks up on cancer treatments that target certain gene abnormalities.

Loxo Oncology could launch a drug next year and targets an abnormality that occurs in several tumor types, including some lung and thyroid cancers, Lilly said in a prepared statement announcing the deal Monday.

Lilly, known for insulins like Humalog, has emphasized oncology growth over the past several years, and one of its top-selling products is the cancer treatment Alimta.

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