Eli Lilly and Verve Therapeutics announce expiration of Verve tender offer

Eli Lilly (LLY) and Verve Therapeutics (VERV) announced that the tender offer to purchase all of the issued and outstanding shares of Verve’s common stock in exchange for $10.50 per Share, net to the stockholder in cash, without interest and less any applicable tax withholding, plus one non-tradable contingent value right per Share, which represents the contractual right to receive a contingent payment of up to $3.00 per CVR, net to the stockholder in cash, without interest and less any applicable tax withholding, upon the achievement of a certain specified milestone, expired on July 23 and was not extended. 49,882,464 Shares were validly tendered and not validly withdrawn in the Offer, representing approximately 55.7% of the issued and outstanding Shares as of the Expiration Time. Accordingly, all conditions to the offer have been satisfied. Lilly and Ridgeway Acquisition Corporation, an indirect wholly owned subsidiary of Lilly, have accepted for payment, and will promptly pay for, all shares validly tendered and not validly withdrawn in the offer. The parties expect to consummate the acquisition on July 25, 2025, in accordance with, and subject to the terms of, the definitive agreement for the proposed acquisition.