INDIANAPOLIS — The price tag is big: Eli Lilly and Company is purchasing Prevail Therapeutics for just over $1 billion.
Announcement of a definitive agreement was made Tuesday, with the transaction expected to be finalized early in 2021. Prevail Therapeutics is a gene therapy company headquartered in New York City. Its research is focused on gene therapies to treat neurodegenerative diseases such as Parkinson's and Gaucher.
According to Lilly, the acquisition will lead to a gene therapy program at the Indianapolis-based pharmaceutical giant. Besides Parkinson's and Gaucher, future gene therapies could be developed for treating Alzheimer's disease and amyotrophic lateral sclerosis (ALS).
"The acquisition of Prevail will bring critical technology and highly skilled teams to complement our existing expertise at Lilly, as we build a new gene therapy program anchored by well-researched assets. We look forward to completing the proposed acquisition and working with Prevail to advance their groundbreaking work through clinical development," said Lilly Vice President Mark Mintum.
"With its global scale and resources, Lilly will be the ideal organization to maximize the potential of our pipeline and accelerate our ability to bring these therapies to as many patients as possible. We look forward to working together to advance our shared resources," said Asa Abeliovich, founder and chief executive officer of Prevail.
