Eli Lilly To Purchase Morphic Holding For $3.2 Billion

Eli Lilly will acquire biopharmaceutical firm Morphic Holding in a deal valued at $3.2 billion, both companies announced.

The transaction includes an experimental medication for IBD and treatments for other chronic diseases. I Photo: Momoneymoproblemz Wikimedia Commons

The transaction includes an experimental medication for inflammatory bowel disease (IBD) and treatments for other chronic diseases, Forbes Daily reported.

An estimated 3.1 million adults in the U.S. have been diagnosed with IBD, including Crohn’s disease and ulcerative colitis, according to the US Centers for Disease Control and Prevention (CDC).

Harvard Prof. Timothy Springer, founder of Morphic, is set to receive a nine-digit windfall from the acquisition, and Forbes estimates his net worth to be $2 billion as of Monday afternoon.

The announcement of the deal sent shares of the Massachusetts-based company surging by 75%.