Fried Frank acted as counsel to Goldman Sachs as financial advisor to Loxo Oncology in its US$8 billion sale to Eli Lilly (Lilly). Loxo Oncology is a biopharmaceutical company focused on the development and commercialization of highly selective medicines for patients with genomically defined cancers. Lilly is a global healthcare leader that unites caring with discovery to create medicines that make life better for people around the world. The acquisition would be the largest and latest in a series of transactions Lilly has conducted to broaden its cancer treatment efforts with externally sourced opportunities for first-in-class and best-in-class therapies. The transaction is not subject to any financing conditions and is expected to close by the end of the first quarter of 2019, subject to customary closing conditions.
The Fried Frank team was led by corporate partner Philip Richter and included corporate associates Asiya M. Ubaid and Roy Tannenbaum.