M&A · Healthcare · Pharmaceutical Preparations
Eli Lilly & Co to acquire Ventyx Biosciences, Inc.
Announced Jan 7, 2026 · Closed Mar 4, 2026
Deal value$1.20BEV $1.17B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$14.00 per share
Transaction
- Acquirer
- Eli Lilly & Co (LLY)
- Target
- Ventyx Biosciences, Inc. (VTYX)
- Buyer type
- Strategic
- Offer price per share
- $14.00
- Enterprise value
- $1.17B
- Status
- Closed Mar 4, 2026
Deal protections
- Break fee (target pays)
- $44.0M · 3.7%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- BofA Securities
- To the target
- Jefferies, Moelis
- Jefferies fee
- $25.7M
- Moelis fee
- $2.0M
Sector context · Healthcare
- Comparable deals
- 98 in the prior 24 months
- Premium
- Sector median 56.0%
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- 3.7% vs. 3.4% sector median
Timeline
- AnnouncedJan 7, 2026
- Proxy filedJan 22, 2026
- Definitive proxyFeb 2, 2026
- Shareholder voteMar 3, 2026
- ClosedMar 4, 2026
Valuation · fairness opinions
Discounted cash flowJefferies$9.00$10.60
Discounted cash flowMoelis$9.02$11.35
Offer $14.00
Implied value per Ventyx Biosciences, Inc. share by analysis, from Jefferies and Moelis.