Dermira, Eli Lilly Shares Touch 52-week Highs After Deal News
January 10 2020 - 12:25PM
Dow Jones News
By Stephen Nakrosis
Shares of biopharmaceutical company Dermira Inc. (DERM) are
trading higher on the Nasdaq Friday with heavy volume, following
news Eli Lilly and Co. (LLY) agreed to buy the company in a $1.1
billion deal.
At 11:50 a.m. EST, Dermira shares had gained 4.74% to trade at
$19.21. Volume topped 21 million shares, above the 65-day average
volume of some 1.5 million shares.
Earlier in the session, Dermira shares touched a 52-week high of
$19.48.
Eli Lilly shares were trading 1.13% higher, at $137.45. They
touched a 52-week high of $137.63 earlier in the session.
Before the bell Friday, Lilly said it planned to buy Dermira for
$18.75 per share. Dermira is developing therapies for skin
conditions, including lebrikizumab, which is being evaluated for
the treatment of moderate-to-severe atopic dermatitis in patients
12 and older.
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
January 10, 2020 12:10 ET (17:10 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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