INDIANAPOLIS (dpa-AFX) - Eli Lilly (LLY) is in advanced talks to acquire Kelonia Therapeutics for more than $2 billion, according to the Wall Street Journal, citing people familiar with the matter. A deal could be announced as soon as Monday, though the talks may still fall apart. The price may also include additional milestone-based payments if Kelonia achieves certain targets, the report said.
Kelonia Therapeutics is a private biotechnology company based in Cambridge, Massachusetts.
LLY closed at $927.03, rising $23.04 or 2.55% as of April 17. In overnight trading at 8:46:55 PM EDT, the stock slipped to $921.50, down $5.53 or 0.60%.
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