Eli Lilly & Co. /zigman2/quotes/200106384/composite LLY +1.44% said Wednesday it is acquiring the shares of Protomer Technologies it does not already own, in a deal it says has a potential value of more than $1 billion based on future development and commercial milestones. Lilly had previously purchased a 14% stake in the company, which has a proprietary peptide- and protein-engineering platform that can be used to identify and synthesize molecules that can sense glucose or other endogenous modulators of protein activity. Protomer was founded in 2015 in Pasadena, California. "Protomer has used this approach toward advancing a portfolio of therapeutic candidates, including glucose-responsive insulins that can sense sugar levels in the blood and automatically activate as needed throughout the day," Lilly said in a statement. Lilly said the deal will not impact its 2021 non-GAAP EPS. Lilly shares were not yet active premarket, but have gained 39% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.57% has gained 16%.
Want to see how this story relates to your watchlist?
Just add items to create a watchlist now: