On June 20, 2023, Eli Lilly and Company and DICE Therapeutics, Inc. announced a definitive agreement for Lilly to acquire DICE. DICE is a biopharmaceutical company that leverages its proprietary DELSCAPE technology platform to develop novel oral therapeutic candidates, including oral IL-17 inhibitors currently in clinical development, to treat chronic diseases in immunology. Wilson Sonsini Goodrich & Rosati is advising DICE on the transaction.

Lilly will commence a tender offer to acquire all outstanding shares of DICE for a purchase price of $48 per share in cash (an aggregate of approximately $2.4 billion) payable at closing. The transaction has been approved by the boards of directors of both companies. The transaction is expected to closed in the third quarter of 2023.

The Wilson Sonsini team advising DICE on IP matters related to the transaction was led by Julia Minitti, and also included Luis Perla, Michael Hostetler, and Uale Taotafa.

For more information, please see DICE Therapeutics’ and Eli Lilly and Company’s joint press release. Additional coverage can be found on Fierce Biotech.