Eli Lilly Buys Morphic for $3.2B

Eli Lilly (LLY) agreed to buy biopharmaceutical firm Morphic (MORF) at a significant premium, sending shares of Morphic skyrocketing Monday. The Waltham, Mass.-based company is also developing molecules intended to treat autoimmune diseases, pulmonary hypertensive diseases, fibrotic diseases, and cancer. Eli Lilly said it would buy Morphic for roughly $3.2 billion or $57 per share, a nearly 80% premium to Friday's closing price. Morphic is developing a treatment for inflammatory bowel disease. The deal is e ...