Eli Lilly and Company (NYSE:LLY) enter into a definitive agreement to acquire Versanis Bio, Inc. from Medicxi Ventures (UK) LLP and others for approximately $1.925 billion on July 14, 2023. Under the terms of the agreement, Versanis shareholders could receive up to $1.925 billion in cash, inclusive of an upfront payment and subsequent payments upon achievement of certain development and sales milestones. The transaction is subject to customary closing conditions. Lilly will determine the accounting treatment of this transaction as a business combination or an asset acquisition, including any related acquired in-process research and development charges, according to Generally Accepted Accounting Principles (GAAP) upon closing. This transaction will thereafter be reflected in Lilly's financial results and financial guidance. For Lilly, Andrea Agathoklis Murino, Samantha R. Morelli, Thomas S. Wilson, J. Robert Fowler, Lauren Sawyer, Shellie Weisfield Freedman, Amber Harezlak, Dean S. Shulman, Adam Kool, Michael P. Brueck and Peter C. Fritz of Kirkland & Ellis LLP is acting as legal counsel. For Versanis, Goodwin Procter LLP is acting as legal counsel, Cooley LLP is advising as to patent matters, and J.P. Morgan and Company is acting as financial advisor. Albert Vanderlaan of Orrick acted as legal advisor to Aditum Bio, Atlas Venture and Medicxi in the transaction.

Eli Lilly and Company (NYSE:LLY) acquired Versanis Bio, Inc. from Medicxi Ventures (UK) LLP and others on August 14, 2023.