Eli Lilly acquired immuno-oncology company ARMO BioSciences in an all-cash deal valued $1,6bn.

Eli Lilly and Company acquired late-stage​ immuno-oncology company ARMO BioSciences in an all-cash deal following an agreement to buy all outstanding shares of ARMO for $50 each. As of the expiration of the tender offer, 27m shares of ARMO common stock were validly tendered and not properly withdrawn, representing approximately 90% of the shares of ARMO common stock outstanding, and have been accepted for payment under the terms of the tender offer. The transaction was carried out by merging Bluegill Acquisition Corporation with ARMO, which has now become a wholly-owned​ subsidiary of Lilly. "We are pleased to announce the completion of our acquisition of ARMO BioSciences, which adds a promising clinical immunotherapy asset, pegilodecakin, to Lilly's oncology portfolio. Lilly will continue to pursue medicines that use the body's immune system in new ways to treat cancer and that have the potential to make a meaningful difference to patients with cancer." Sue Mahony President of Lilly Oncology.