The price is 2.2% higher than Dermira's closing price Thursday of $18.34. The shares have jumped more than 234% over the past three months.
In a statement, Eli Lilly said the acquisition of Dermira would expand its immunology pipeline with the addition of dermatitis treatment lebrikizumab, which is being evaluated in a Phase 3 clinical development program in adolescent and adult patients.
Patrik Jonsson, president of Bio-Medicines at Eli Lilly, joined TheStreet to break down why now was the time to buy Dermira.
"Well, we believe that Dermira is a very nice fit into our commitment to immunology and particularly dermatology. Dermira is a company that is specialized and dedicated to chronic skin conditions and we, at Eli Lilly, have now been present in the area of immunology for quite a few years," said Jonsson.
Watch the full video above for more on the acquisition.
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