Lilly Completes Deal for Prevail

(photo courtesy: Eli Lilly & Co.)

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Indianapolis-based Eli Lilly and Co. (NYSE: LLY) says it has completed the previously-announced acquisition of Prevail Therapeutics Inc. (Nasdaq: PRCL) in stock and cash deal valued at more than $1 billion.

Lilly says the acquisition will extend its research efforts through the creation of a gene therapy program anchored by Prevail’s portfolio of clinical-stage and preclinical neuroscience assets.

Prevail Therapeutics specializes in the development of gene therapies for patients with neurodegenerative diseases.

Lilly says Prevail has potential gene therapies for Alzheimer’s disease, Parkinson’s disease, amyotrophic lateral sclerosis (ALS), and other neurodegenerative disorders in its clinical pipeline.