Jan. 18, 2017
Eli Lilly and Company and CoLucid Pharmaceuticals, Inc. has announced an agreement for Lilly to acquire CoLucid for $46.50 per share or nearly $960 million. This all-cash transaction will enhance the existing portfolio of Lilly in pain management for migraine. The transaction is expected to close by the end of the first quarter of 2017.
CoLucid Pharmaceuticals is a public biopharmaceutical company developing an oral 5-HT1F agonist (lasmiditan) for the acute treatment of migraine. CoLucid has completed the first of two pivotal Phase 3 trials.
More than 36 million people suffer from migraine in the United States alone. if approved, Lasmiditan would be a first-in-class therapy for treating migraine through a novel mechanism of action without vasoconstriction. This could be desirable in migraine patients who have, or are at risk for, cardiovascular disease, as well as those who are not satisfied with their current therapies.
David A. Ricks, Lilly’s president and chief executive officer, said: “Lasmiditan is a novel, first-in-class molecule that could represent the first significant innovation for the acute treatment of migraine in more than 20 years, and CoLucid has made significant progress in advancing this potential medicine. This innovation, along with galcanezumab, could offer important options for the millions of patients suffering from migraine.”
“We are excited that lasmiditan will be back at Lilly, where it was originally discovered, for the conclusion of Phase 3 development and potential commercialization. We are proud of the work that CoLucid has done to develop lasmiditan, and we believe Lilly’s expertise in pain and commitment to innovation are a natural fit to potentially bring this medicine to patients,” said Thomas P. Mathers, CoLucid’s chief executive officer.