Indianapolis-based drugmaker Eli Lilly and Co. said Tuesday it is acquiring Boston-based Verve Therapeutics, a Nasdaq-traded company focused on genetic medicines for cardiovascular disease, in a deal worth up to $1.3 billion.
Verve is focused on genetic medicines—which, in many cases, need to be taken by patients just one time—targeting the drivers of atherosclerotic cardiovascular disease. Such issues, including coronary heart disease, are caused by the buildup of plaque in arterial walls.
The clinical-stage company’s lead pipeline program is Verve-102, a gene-editing medicine targeting a gene (PCSK9) linked to cholesterol levels and cardiovascular health.
Lilly said Verve-102 may be applicable for people with a hereditary condition that causes very high levels of low-density lipoprotein—often referred to as “bad” cholesterol—called familial hypercholesterolemia, which effects about 1 in 250 people, and certain patients with premature coronary artery disease.
Verve-102 is being studied in a Phase 1b clinical trial. Also, the U.S. Food and Drug Administration granted the medicine Fast Track designation, which is designed to expedite the review of drugs treating serious conditions with unmet needs.
Lilly said its capabilities in cardiometabolic disease—affecting the heart, circulation and blood vessels—are complementary to Verve’s vision and expertise. Verve was founded in 2018.
“Verve-102 has the potential to be the first in vivo gene editing therapy for broad patient populations and could shift the treatment paradigm for cardiovascular disease from chronic care to one-and-done treatment,” Ruth Gimeno, Lilly group vice president for diabetes and metabolic research and development, said in a written statement.
The deal is expected to close in the third quarter of 2025.
Under terms of the deal, Lilly said it would buy all outstanding shares of Verve for $10.50 a share, worth about $1 billion. In addition, Lilly would pay shareholders up to $3 a share through a non-tradable contingent value right, or CVR—for a total price worth as much as $13.50, or up to $1.3 billion.
A spokesperson for Lilly said details for integrating Verve into Lilly, both in terms of employees and functions, are still being determined: “We are committed to working through this process in a way that minimizes disruption. While we can plan for integration, until closing its business as usual and Verve Therapeutics continues to operate as an independent entity.”
Lilly said the CVR payment would be made upon the first patient receiving a dose of VERVE-102 for atherosclerotic cardiovascular disease in a U.S. Phase 3 clinical trial, or on or before the 10th anniversary of the closing.
“Verve was founded with one mission in mind: transform the treatment of cardiovascular disease from chronic care to a one-dose future,” Verve co-founder and CEO Dr. Sekar Kathiresan said. “Under Lilly’s stewardship, we are excited to realize the next chapter in cardiovascular care where a single treatment can lead to lifelong reduction of cardiovascular risk factors and make life better for millions of patients living with cardiovascular disease.”
Shares of Lilly were down about 1%, to $798.11, in trading Tuesday morning.
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