So Long, Loxo

(RTTNews) - Barely days after the largest pharmaceutical merger deal of Bristol-Myers/Celgene, valued at $74 billion, another multibillion-dollar buyout of this year has just been announced - Eli Lilly and Co.'s (LLY) acquisition of Loxo Oncology Inc. (LOXO) for $235.00 per share in cash, or roughly $8.0 billion.

Loxo Oncology is a biopharmaceutical company focused on developing highly selective medicines for patients with genomically defined cancers. The acquisition of Loxo is expected to broaden the scope of Lilly's oncology portfolio.

Loxo was trading around $22 when we alerted our premium subscribers to this stock on September 11, 2015, in our report titled "Tracking Down A New Target". Between then and December 2016, the stock traded in a range of $18 to $32, after which there has been no looking back. The stock closed January 4, 2019 trading at $139.87. The buyout news on Monday sent Loxo shares soaring more than 66% to $232.65.

The transaction is expected to close by the end of the first quarter of 2019, subject to customary closing conditions.

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