M&A · Healthcare · Pharmaceutical Preparations
Eli Lilly & Co to acquire Verve Therapeutics, Inc.
Announced Jun 17, 2025 · Closed Jul 25, 2025
Deal value$936MEV $839M
Premium67.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$10.50 per share
Transaction
- Acquirer
- Eli Lilly & Co (LLY)
- Target
- Verve Therapeutics, Inc. (VERV)
- Buyer type
- Strategic
- Offer price per share
- $10.50
- Enterprise value
- $839M
- Status
- Closed Jul 25, 2025
Deal protections
- Break fee (target pays)
- $39.7M · 4.2%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Centerview, Guggenheim
- Centerview fee
- $22.5M
- Guggenheim fee
- $11.2M
Sector context · Healthcare
- Comparable deals
- 92 in the prior 24 months
- Premium
- 67.0% vs. 67.0% sector median
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- 4.2% vs. 3.5% sector median
Timeline
- AnnouncedJun 17, 2025
- Tender offerJun 25, 2025
- ClosedJul 25, 2025
Valuation · fairness opinions
Discounted cash flowCenterview$9.10$15.20
Analyst price targetsCenterview$15.00$39.00
Premiums paidCenterview$9.85$12.95
Premiums paidCenterview$8.10$10.55
Discounted cash flowGuggenheim$9.50$14.55
Premiums paidGuggenheim$10.05$13.27
Premiums paidGuggenheim$8.53$10.57
52-week trading rangeGuggenheim$2.97$8.63
Other analysisGuggenheim$14.15$33.95
Offer $10.50
Implied value per Verve Therapeutics, Inc. share by analysis, from Centerview and Guggenheim · DCF discount rate 15.5%–18.5%.