Prevail Therapeutics rockets 85% on being acquired by Lilly for ~$1.04B

Dec. 15, 2020 6:41 AM ETEli Lilly and Company (LLY), PRVLLLY, PRVLBy: Mamta Mayani, SA News Editor1 Comment
  • Eli Lilly (NYSE:LLY) inks agreement to acquire Prevail Therapeutics (NASDAQ:PRVL) for $22.50/share in cash (or an aggregate of ~$880M) payable at closing plus one non-tradable contingent value right (CVR) worth up to $4.00/share in cash (~$160M), for a total consideration of up to $26.50/share in cash, for ~$1.04B.
  • The CVR is payable upon the first regulatory approval of a product from Prevail's pipeline in U.S., Japan, U.K., Germany, France, Italy or Spain.
  • To achieve the full value of the CVR, such regulatory approval must occur by December 31, 2024.
  • The transaction is expected to close in Q1 2021.
  • See below Prevail's pipeline overview:
  • PRVL shares rise 85% premarket.

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