Dermira, Eli Lilly Shares Touch 52-week Highs After Deal News

Date : 01/10/2020 @ 5:25PM
Source : Dow Jones News
Stock : Dermira Inc (DERM)
Quote : 18.75  0.0 (0.00%) @ 12:00AM

Dermira, Eli Lilly Shares Touch 52-week Highs After Deal News

Dermira (NASDAQ:DERM)
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   By Stephen Nakrosis 
 

Shares of biopharmaceutical company Dermira Inc. (DERM) are trading higher on the Nasdaq Friday with heavy volume, following news Eli Lilly and Co. (LLY) agreed to buy the company in a $1.1 billion deal.

At 11:50 a.m. EST, Dermira shares had gained 4.74% to trade at $19.21. Volume topped 21 million shares, above the 65-day average volume of some 1.5 million shares.

Earlier in the session, Dermira shares touched a 52-week high of $19.48.

Eli Lilly shares were trading 1.13% higher, at $137.45. They touched a 52-week high of $137.63 earlier in the session.

Before the bell Friday, Lilly said it planned to buy Dermira for $18.75 per share. Dermira is developing therapies for skin conditions, including lebrikizumab, which is being evaluated for the treatment of moderate-to-severe atopic dermatitis in patients 12 and older.

 

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

 

(END) Dow Jones Newswires

January 10, 2020 12:10 ET (17:10 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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