Loxo Oncology up 65% leading oncology stocks higher after being acquired by Eli Lilly (LLY) for $8 billion in cash ($235/share) at a 68% premium
Loxo Oncology (LOXO) is developing a pipeline of targeted medicines focused on cancers that are uniquely dependent on single gene abnormalities that can be detected by genomic testing.
Loxo peer Blueprint Medicines (BPMC) is up 11%. Clovis (CLVS) is up 13% after preannouncing upsuide Q4 rev.
Other oncology stocks: NLNK +3.23% BLUE +2.32% CLLS +1.90% AEZS +1.17% BGNE +1.06% INCY +0.94% NKTR +0.85%
This is the second large deal we have seen in the cancer space after Bristol-Myers (BMY) acquired cancer giant Celgene (CELG) in a massive $74 billion cash and stock deal last week.