Eli Lilly and Co. is acquiring a California-based biotech company that specializes in diabetes treatment development. The potential value of the acquisition of Protomer Technologies is $1 billion and may help Eli Lilly develop new insulin drugs, which can be life-saving medications for people with diabetes.
Ruth Gimeno, vice president, diabetes research and clinical investigation at Lilly said that Eli Lilly and co have long strived to make life better for people living with diabetes and we have a continued determination to provide real solutions, including innovation in insulin therapy. Glucose-sensing insulin is the next frontier and has the potential to revolutionize the treatment and quality of life of people with diabetes by dramatically improving both the therapeutic efficacy and safety of insulin therapy.
The company is also facing a federal investigation at its New Jersey plant that produces COVID-19 therapies. Shares of Eli Lilly shed 2.06% to $231.47 Thursday, on what proved to be an all-around mixed trading session for the stock market, with the Dow Jones Industrial Average DJIA rising 0.15% to 34,987.02 and the S&P 500 Index SPX falling 0.33% to 4,360.03. Eli Lilly & Co. closed $7.90 below its 52-week high ($239.37), which the company reached on June 24th. Trading volume (3.6 M) eclipsed its 50-day average volume of 3.5 M.