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$1.3B
J. Edward Moreno

Verve Therapeutics rose more than 75% in premarket trading after Eli Lilly announced that it would buy the gene-editing biotech company.

The acquisition is a sign Lilly is looking for other paths to sustain growth after the patents for its blockbuster weight-loss and diabetes drugs expire about a decade from now. Verve generated $32.3 million in revenue last year and has not yet reported a profitable quarter.

Verve’s experimental therapy “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’s vice president of diabetes and metabolic R&D, said in a statement.

Lilly said it would pay $10.50 per share in cash for Verve, with an additional $3 per share in the event that a phase three clinical trial for its lead program starts within a decade of closing. The stock closed at $6.27 on Monday and is above $10 before market open.

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