Eli Lilly has bought gene editing partner Verve Therapeutics for $1.3 billion, bringing in-house a pipeline of cardiovascular programs the Big Pharma had already secured a stake in.
The two companies' relationship stretches back to 2023, when Lilly paid Verve $60 million upfront for a preclinical cardiovascular gene editing therapy. Then, in 2023, Lilly handed $250 million to Beam Therapeutics for its opt-in rights to Verve’s gene therapy programs aimed at PCSK9, ANGPTL3 and another undisclosed target.
While Verve later halted a phase 1 trial of the original PCSK9 program over raised liver enzymes, the biotech pointed to the lipid nanoparticle (LNP) as the likely cause of the adverse events and shifted focus to VERVE-102, a drug candidate that uses a different LNP to deliver the same payload.
Lilly’s faith in Verve appeared to pay off in April, when early-stage data from VERVE-102 showed it reduced LDL cholesterol and PCSK9 without raised liver enzymes.
Now, it seems Lilly is ready to go all in. Today's deal, which was first reported by the Financial Times Monday night, will see Lilly pay $10.50 for each share of Verve—equivalent to around $1 billion. It marks a steep increase on Verve's closing share price Monday of $6.27. On top of that, Verve's shareholders will receive up to an additional $3 per share if VERVE-102 makes it to a phase 3 trial in the U.S. within 10 years.
When these contingent value rights are also taken into account, it brings the deal's value up to $1.3 billion.
“In just seven years, our team has progressed three in vivo gene editing products, with two currently in the clinic,” Verve CEO Sekar Kathiresan, M.D., said in the release.
“Lilly shares our vision, and we believe their global research, clinical, regulatory and commercial capabilities will help to accelerate the development of our medicines,” Kathiresan added.
Lilly hasn’t been afraid to get out the checkbook this year, kicking off 2025 by buying Scorpion Therapeutics’ PI3Kα pipeline for up to $2.5 billion and acquiring SiteOne Therapeutics last month, primarily for a non-opioid pain asset ready to enter phase 2 trials.
“VERVE-102 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,” said Ruth Gimeno, Ph.D., Lilly group vice president, diabetes and metabolic R&D, in the June 17 release.
“Lilly is eager to welcome our Verve colleagues to Lilly and continue the development of these promising potential new medicines aimed at improving outcomes for patients with cardiovascular disease and addressing the significant unmet medical need in this space,” Gimeno added.