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Lilly Set to Acquire DICE Therapeutics for Advancing Innovation in Immunology

DICE Therapeutics Inc, well known in the field of biopharmaceuticals, utilizes its patented DELSCAPE technology platform in its groundbreaking quest to create unconventional oral treatment options to combat persistent immunological ailments. With its latest innovations – oral IL-17 inhibitors – in the clinical trial phase, DICE is poised to make significant strides in the field of immunology.

"DICE's groundbreaking technology, their expertise in discovering new drugs, and the relentless dedication and drive of their workforce introduce a new dynamism to our mission of enhancing the quality of life of people battling severe autoimmune disorders," remarked Patrik Jonsson, Senior Vice President, Head of Lilly Immunology and Lilly USA, and Chief Customer Officer. "We extend a warm welcome to the DICE colleagues now joining Lilly, anticipating that their collaboration will be instrumental in overcoming future challenges while seeking new therapies for patients with considerable untreated medical conditions."

Kevin Judice, Ph.D., and CEO of DICE Therapeutics, expressed enthusiasm about the merger, saying, "Lilly’s resources and global reach will elevate our pipeline, including our oral IL-17 inhibitors, DC-806 and DC-853, and I am eager to witness these distinguished teams collaborate on ground-breaking scientific innovation. The revolutionary manner in which we discover and progress oral, small molecules against validated protein-protein interaction targets holds exciting promise, even more so partnered with Lilly’s unmatched clinical development skills to help these medicines reach those suffering from autoimmune diseases."

Transaction Agreement

Lilly has agreed to initiate a takeover bid to purchase all outstanding DICE shares for $48 per share, payable in cash, amounting to a total approximately $2.4 billion. Both the companies' board of directors have affirmed the transaction.

There are no financing conditions to this deal, which is set to be finalized in the third quarter of 2023, subject to standard closing terms, including the acquisition of mandatory antitrust clearance and the majority of DICE's common stock shares. After the completion of the takeover bid, any remaining DICE shares not included in the initial bid will be absorbed by Lilly through a second-step merger, on similar terms as the original offer.

The closing payment signifies an approximate 40% premium over the 30-day average trading price of DICE's common stocks as of June 16, 2023, the last trading day before the transaction's announcement. DICE's Board of Directors has unanimously encouraged their stockholders to comply with the takeover bid.

The accounting handling of this transaction, along with related acquired in-process research and development charges, will be determined by Lilly as either a business combination or an asset acquisition under Generally Accepted Accounting Principles (GAAP) once the deal closes. Subsequently, this transaction will be represented in Lilly's finances and financial guidance.

Kirkland & Ellis LLP are the legal consultants for Lilly, while Centerview Partners LLC have been appointed the exclusive financial advisor for DICE, and Fenwick & West LLP serve as legal counsel.

About DICE Therapeutics Inc.

DICE Therapeutics Inc. is a biopharmaceutical firm that uses its unique technology platform to create a portfolio of revolutionary oral therapeutic options to treat persistent diseases in immunology and other treatment areas. Initially, DICE is concentrating on creating oral therapies against reliable targets in immunology to achieve similar efficacy to their systemic biological counterparts. DICE's DELSCAPE platform aims to discover selective oral small molecules capable of controlling protein-protein interactions as effectively as systemic biologics. DICE's primary therapeutic solutions are oral antagonists of IL-17, a pro-inflammatory signaling molecule, which is a proven drug target associated with various immunology indications. DICE is also working on oral therapeutic solutions targeting integrin α4ß7 to treat inflammatory bowel disease.

About Lilly

Lilly's mission to combine empathy with innovation to create medicines that enhance life around the world has been prominent for almost 150 years. Today, Lilly helps over 51 million individuals globally with their medications. By utilizing biotechnology, chemistry, and genetic medicine, Lilly's researchers are tirelessly striving to bring new discoveries to solve some of the world's most critical healthcare problems. This includes revolutionizing diabetes care, combating obesity and its most destructive long-term effects, advancing the battle against Alzheimer's, providing solutions to some of the most debilitating immune system disorders, and transforming the most challenging-to-treat cancers into controllable conditions. With each stride towards a healthier world, we are driven by one thing: improving the lives of millions more people. This includes delivering clinical trials that showcase the diversity of our world, and working towards ensuring our medicines are accessible and affordable. To learn more, visit and or follow us on Facebook, Instagram, Twitter and LinkedIn.



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