May 10, 2018 / 11:37 AM / 2 months ago

Lilly to buy Armo Biosciences for $1.6 bln

May 10 (Reuters) - Drugmaker Eli Lilly and Co said on Thursday it would buy Armo BioSciences Inc for about $1.6 billion to get access to the drug developer’s experimental cancer treatment.

The offer of $50 per share in cash represents a premium of 67.7 percent to Armo’s Wednesday close.

Reporting by Manas Mishra in Bengaluru; Editing by Arun Koyyur

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