India, June 17 -- Drug maker Eli Lilly and Co. (LLY) announced Tuesday a definitive agreement to acquire Verve Therapeutics, Inc. (VERV), a clinical-stage company developing genetic medicines for cardiovascular disease, for up to around $1.3 billion, including around $1.0 billion in cash.
In pre-market activity, Lilly shares were losing around 1.1 percent on the NYSE to trade at $798.39, while Verve shares were surging around 79.4 percent on the Nasdaq at $11.25.
Under the deal terms, Lilly plans to commence a tender offer to acquire Verve shares for a total potential consideration of up to $13.50 per share in cash without interest.
The consideration includes $10.50 per share in cash, payable at closing, plus one non-tradeable contingent...