Obesity drug maker Versanis to be bought by Eli Lilly for $1.9 billion
Publishing timestamp: 2023-07-14 14:32:50
Summary
Eli Lilly will acquire Versanis, a privately held obesity drug maker, for up to $1.93 billion. This acquisition is part of Eli Lilly's efforts to expand its weight loss treatment portfolio and capitalize on the growing weight loss industry. Versanis has an experimental drug called bimagrumab, which reduces fat mass by binding directly to certain cells in the body. Eli Lilly's stock price rose 3% following the announcement. The global weight loss drug market is projected to be worth $100 billion by 2030. Eli Lilly is also working on other obesity treatments, including an experimental injection and an obesity pill.
Sentiment: POSITIVE
Keywords: medication, diabetes, science, health care industry, biotech and pharmaceuticals, mergers and acquisitions, business news, biotechnology, eli lilly and co, weight management, business, pharmaceuticals, breaking news, novo nordisk a/s, obesity,