Updated: Industry insiders love to say biotechs are bought, not sold. In the case of Eli Lilly's $3.2 billion deal for Morphic Therapeutic, the Indianapolis pharma giant approached the Boston biotech and outbid itself, according to a Friday morning SEC document. Another SEC filing outlined that Morphic reached out to at least two other companies but didn't receive bids from them. The nearly decade-old Morphic has had pharma interest over the years, with its Series A in 2016 including support from the corporate VC arms of a few large drugmakers, and it had partnerships over the years. Lilly wants access to an experimental IBD medicine that could potentially compete with Takeda's Entyvio blockbuster one day. Analysts think Morphic's oral drug could surpass $2 billion in peak sales, if it clears ongoing Phase 2 studies and later clinical trials. More on the behind-the-scenes of Lilly's first biotech consummation of 2024: Note: This story was updated to correct that Morphic reached out to at least two other companies during the discussions, based on another SEC filing from Friday morning. #biotech #pharma #manda #acquisition #dealbackgrounder #mergersandacquisitions #morphic #lilly #elililly
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Global Customer Experience Lead | HCP and Patient Engagement | Pharma Innovation and Brand Excellence | Digital Transformation
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