Eli Lilly to Buy Ventyx Biosciences

Acquirer: Eli Lilly and Company (NYSE: LLY)

• Global pharmaceutical company that discovers, develops, and markets medicines across diabetes, obesity, oncology, immunology, neuroscience, and other therapeutic areas
• Supports its portfolio through extensive strategic collaborations with leading biotech, pharmaceutical, and technology partners worldwide
• Founded in 1876 and headquartered in Indianapolis, IN

Acquirer Financial Statistics

• Mkt Cap: $991.8 billion
• EV: $1.0 trillion
• LTM Revenue: $59.4 billion
• LTM EBITDA: $28.7 billion
• LTM EV / Revenue: 16.8x
• LTM EV / EBITDA: 34.8x

Acquirer Advisor(s)

BofA Securities

Target Company: Ventyx Biosciences, Inc. (Nasdaq: VTYX)

• Clinical-stage biopharmaceutical company developing oral therapies for autoimmune, inflammatory, and neurodegenerative diseases
• Pipeline includes targeted kinase, S1P receptor, and NLRP3 inflammasome inhibitors across indications such as Crohn’s disease, ulcerative colitis, Parkinson’s disease, and obesity-related cardiovascular risk
• Founded in 2018 and headquartered in San Diego, CA

Target Financial Statistics

• Mkt Cap: $979.8 million
• EV: $797.1 million
• LTM Revenue: NA
• LTM EBITDA: ($116.4) million
• LTM EV / Revenue: NA
• LTM EV / EBITDA: NA

Target Advisor(s)

Jefferies (lead), Moelis & Company (co-financial advisor)

Price/Consideration

$1.2 billion/Cash

Deal Details

Announcement Date

• January 7, 2026

Rationale

• Lilly will gain access to Ventyx’s clinical-stage pipeline of oral therapies aimed at treating inflammatory-mediated diseases, building on Lilly’s established capabilities in this area and strengthening its portfolio in cardiometabolic health, neurodegeneration, and autoimmunity
• Ventyx’s clinical-stage programs use small molecule therapeutics, notably NLRP3 inhibitors, to address inflammation in cardiometabolic disorders, neurodegenerative diseases, inflammatory bowel disease, and conditions such as recurrent pericarditis and early-stage Parkinson’s disease
• “We believe that Lilly is an ideal strategic partner, with unparalleled resources, a passion for innovative oral drugs and a commitment to advance novel therapies that fill a vast unmet need for patients suffering from these debilitating diseases and disorders,” said Raju Mohan, Ph.D., CEO of Ventyx

Deal Points

• At $14.00 per Ventyx share in the all-cash transaction, the deal represents a 62% premium over recent trading prices
• This strategic push by Eli Lilly aims to build pipelines for future growth, counter patent cliffs, and leverage strong cash reserves, making Lilly an aggressive acquirer in the biopharma space