Eli Lilly stock edges higher as company plans nearly $4 billion in vaccine deals

by · CNBC

Key Points

  • The deals are part of Eli Lilly’s effort to expand into infectious disease research and development.
  • Shares edged higher in premarket trading on the news.

Eli Lilly on Tuesday announced plans to acquire three companies for almost $4 billion in cash, as it looks to expand its research and development business into infectious diseases.

The company said it had agreed deals to buy Curevo, LimmaTech Biologics and Vaccine Company for $1.5 billion, $780 million and $1.55 billion, respectively.

Shares of Eli Lilly rose 1.3% in premarket trading on the news.

"These acquisitions reflect a deliberate strategy to prevent disease at its source rather than treat its consequences," Daniel M. Skovronsky, chief scientific and product officer and president, said in a statement.

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