BUZZ-Organovo rises five-fold as Eli Lilly acquires co's FXR program

Updates

Shares of Organovo Holdings ONVO.O rise nearly five-fold to an over one-year high of $1.83

*Stock on track for its best day ever, if gains hold

ONVO says it is selling its FXR program, including lead asset FXR314, to Eli Lilly LLY.N

ONVO's FXR program is focused on developing novel treatment approaches for inflammatory bowel disease

LLY will pay ONVO $10 mln upfront and $50 mln if certain milestones are met in future, according to agreement

LLY is acquiring all commercial and intellectual property rights to Organovo's FXR program for worldwide development

Acquisition will allow Eli Lilly to further develop FXR314, starting from mid-stage, ONVO says

ONVO fell ~68% in 2024