Beam Therapeutics Inc. (BEAM): M&A transaction — Beam sells opt-in rights on Verve CVD programs to Lilly for $200M + $50M equity; up to $600M total

Beam Therapeutics Inc.

Beam receives $200M upfront and $50M equity (2,004,811 shares at $24.94, 15% premium to 30-day VWAP).
Eligible for up to $350M in milestone payments; total potential deal consideration up to $600M.
Deal expected to extend Beam's cash runway to second half of 2026.
Lilly acquires opt-in rights to co-develop/co-commercialize Verve's PCSK9, ANGPTL3, and undisclosed liver target programs.
Lilly agreed to 9-month lock-up on shares issued; transaction closed on October 27, 2023.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Beam Therapeutics Inc. completed a disposition involving Eli Lilly and Company for $200 million upfront payment and $50 million equity investment (closed 2023-10-27).

Action: disposition
Counterparty: Eli Lilly and Company
Consideration: $200 million upfront payment and $50 million equity investment
Closing: 2023-10-27

Exact text from the filing

(“Beam” or the “Company”) entered into a Transfer and Delegation Agreement (the “Transfer Agreement”) with Eli Lilly and Company (“Lilly”), pursuant to which Lilly acquired, as of the Execution Date, certain assets and other rights under Beam’s amended collaboration and license agreement (the “Collaboration Agreement”) with Verve Therapeutics, Inc.

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Beam Therapeutics Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-056542

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