Eli Lilly has agreed to acquire cardiovascular disease treatment specialist Verve Therapeutics in a deal potentially rising to $1.3bn, with market analysis describing the deal as a “bargain”.
According to the transaction, Eli Lilly will purchase all Verve shares for $10.50 each, with the drugmaker outlaying an additional $3 in contingent value right (CVR) per share.
Verve’s pipeline includes gene editing medicines that are “designed to address the drivers of atherosclerotic cardiovascular disease”. Similar to other advanced therapies on the market for certain diseases, the biotech is targeting one-time administration.
The total potential Eli Lilly deal value represents a 115% premium to Verve’s share price at market close yesterday (16 Jun). Shares in Nasdaq-listed Verve surged to $11.03 at market open on 17 June following the announcement, a 43% increase on the previous market close.
William Blair analyst Myles Minter said in a research note: “Ultimately, we believe that the deal makes sense for Verve shareholders and makes sense given the exposure Lilly has to Verve’s entire disclosed pipeline. Although we believe Eli Lilly is getting a bargain here (our fair value was $30.86 per share prior), the 115% premium (assuming full CVR payout) is still a win for Verve shareholders and the gene editing space more broadly, which has been under significant macro pressure in a difficult funding environment.”
Already in partnership with Eli Lilly, Verve recently reported positive Phase Ib data for its lead programme VERVE-102, a therapy targeting PCSK9, a gene connected to cholesterol levels and cardiovascular health.
The Heart-2 study demonstrated that VERVE-102 exceeded the cholesterol reduction achieved by Novartis’ Leqvio (inclisiran), an injectable drug that dominates the market. Apart from the second dose, which is three months apart, Leqvio is dosed every six months.
In his analysis, Minter added: “We remain impressed by the Heart-2 dataset for VERVE-102 and believe Lilly likely wanted greater control over later-stage clinical development.”
Eli Lilly has already spent big in 2025. The drugmaker purchased a cancer asset from biotech Scorpion Therapeutics for up to $2.5bn, and agreed to acquire pain treatment specialist SiteOne Therapeutics for up to $1bn.
Despite an uncertain economic landscape in the US, courtesy of President Donald Trump, mergers and acquisitions (M&A) activity has ramped up in 2025.
Total deal value in Q1 surged 101% compared to Q4 2024, as per analysis by GlobalData. Pharma companies rallied to spend a total of $37.7bn. This week alone has already seen deals surpass the billion-dollar mark. BioNTech, for example, agreed to acquire mRNA specialist CureVac for $1.25bn earlier this week.
Elsewhere in the partnership arena, AstraZeneca outlaid $5.2bn to enlist the services of China-based CSPC Pharmaceuticals. In addition, BMS earmarked $11bn earlier this month to join BioNTech’s development of a bispecific cancer drug.
Cell & Gene Therapy coverage on Pharmaceutical Technology is supported by Cytiva.
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