Eli Lilly on Tuesday said it struck a $2.4 billion deal to acquire Dice Therapeutics in a bid to bulk up its treatment portfolio for immune-related diseases.
Dice Therapeutics' share price jumped more than 37% to just under the purchase price.
Auto-immune diseases can causes pain, fatigue, dizziness, depression and rashes, among other symptoms.
There are more than 100 known autoimmune diseases, including lupus, rheumatoid arthritis, Crohn's disease and ulcerative colitis.
Eli Lilly's immunology portfolio includes drugs like Taltz, which treats plaque psoriasis, and Olumiant, a treatment for rheumatoid arthritis.
Persons:
Eli Lilly, Eli Lilly's, Patrik Jonsson, Eli, Taltz
Organizations:
Dice Therapeutics
Locations:
Francisco