Biotech Stock Organovo Holdings (Nasdaq: ONVO) Soars on Eli Lilly (NYSE: LLY) Deal
February 25, 2025 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com), a go-to platform for big investing ideas for stock traders, including biotech stocks reports on trading and news for Organovo Holdings, Inc. (Nasdaq:ONVO), a clinical stage biotechnology company focused on developing novel treatment approaches in inflammatory bowel disease (IBD)
Organovo stock makes the NASDAQ top percentage gainer list on news. The stock is trading at $1.3000, up 0.9310, gaining 252.3035% on volume of over 3409 Million shares as of this report. The stock has a day's high of $1.83.
Organovo today announced that Eli Lilly and Company (NYSE:LLY) ("Lilly") will acquire Organovo's FXR program, including its lead asset, FXR314.
"This is a significant milestone for our efforts to advance medicines for IBD using insights from our proprietary 3D human tissue models," said Keith Murphy, Executive Chairman. "We are excited to deliver FXR314 and our FXR program to Lilly for Phase 2 and further development. Their world-class development excellence and dedication to delivering for patients will provide an excellent pathway for FXR314 success, and we are pleased to have this opportunity to deliver for patients."
Under this transaction, Organovo will receive an upfront payment as well as milestones to be paid as FXR314 achieves key regulatory and commercial milestones. Lilly is acquiring all commercial and intellectual property rights to Organovo's FXR program for worldwide development.
Full news
https://finance.yahoo.com/news/organovo-fxr-program-including-fxr314-130500683.html
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