- Eli Lilly (NYSE:LLY) inks agreement to acquire Prevail Therapeutics (NASDAQ:PRVL) for $22.50/share in cash (or an aggregate of ~$880M) payable at closing plus one non-tradable contingent value right (CVR) worth up to $4.00/share in cash (~$160M), for a total consideration of up to $26.50/share in cash, for ~$1.04B.
- The CVR is payable upon the first regulatory approval of a product from Prevail's pipeline in U.S., Japan, U.K., Germany, France, Italy or Spain.
- To achieve the full value of the CVR, such regulatory approval must occur by December 31, 2024.
- The transaction is expected to close in Q1 2021.
- See below Prevail's pipeline overview:
- PRVL shares rise 85% premarket.