Eli Lilly is buying another European cancer firm Mablink Bioscience
- Eli Lilly & Co has decided to buy French based Mablink Bioscience.
- The pharma giant is committed to expanding its footprint in oncology.
- Eli Lilly stock has nearly doubled over the past eight months.
Eli Lilly & Co (NYSE: LLY) is buying Mablink Bioscience – a French biotechnology company that focuses primarily on the next-generation, antibody-drug conjugates for cancer.
It’s the 2nd cancer company Lilly bought this month
Copy link to sectionClearly, the pharmaceutical behemoth is committed to expanding its footprint in oncology.
Earlier this month, Lilly was reported willing to spend $1.4 billion to take over Point Biopharma Global Inc – a Pittsburgh-headquartered company that is also committed to cancer treatment.
All in all, the New York listed firm has now made at least six acquisitions this year, including Emergence Therapeutics that Mablink Bioscience had partnered with in 2021.
Focus on obesity drugs in recent months has pushed the market cap of Eli Lilly & Co to near $600 billion which makes it the most valuable pharmaceutical company in the United States.
Eli Lilly to report its Q3 earnings in early November
Copy link to sectionThe Mablink acquisition was first reported last night by Endpoints News that cited Dan Skovronsky – the Chief Scientific Officer of Eli Lilly & Co.
What the Indiana-based giant is paying to buy Mablink Bioscience that reported pre-clinical data for MBK-103 in April, remains unknown, though. The French company plans on pushing its lead ADC candidate into the first-in-human trial in 2024.
The stock market news arrives only a couple weeks before Lilly is expected to report its Q3 results. Consensus is for it to earn 70 cents a share this quarter versus $1.98 per share a year ago.
Wall Street currently has a consensus “overweight” rating on this big pharma stock that has already nearly doubled over the past eight months.
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