Lilly’s $8 billion Loxo deal turned into an acqui-hire
First Eli Lilly paid $8 billion for Loxo Oncology. Now the pharma giant is remaking its cancer division in Loxo’s image, putting that company’s former leaders in charge and focusing on targeted treatments.
As STAT’s Matthew Herper reports, this isn’t usually how things go. Pharma companies buy biotechs for the drugs, not the people, and founders usually cash out and move on to the next thing. But after the Loxo deal closed, Lilly saw in the smaller company a fresh approach to oncology. And the Loxo team saw an opportunity seldom afforded to entrepreneurs: the chance to put a Big Pharma balance sheet to work.
“When we look at ourselves in the mirror and we look at what we accomplished as an independent company, we worked on fewer things with a smaller team,” said Jacob Van Naarden, a former Loxo executive joining Lilly. “The question we asked ourselves is how successful will we be doing more things all at once with more people?”
Read more.
As STAT’s Matthew Herper reports, this isn’t usually how things go. Pharma companies buy biotechs for the drugs, not the people, and founders usually cash out and move on to the next thing. But after the Loxo deal closed, Lilly saw in the smaller company a fresh approach to oncology. And the Loxo team saw an opportunity seldom afforded to entrepreneurs: the chance to put a Big Pharma balance sheet to work.
“When we look at ourselves in the mirror and we look at what we accomplished as an independent company, we worked on fewer things with a smaller team,” said Jacob Van Naarden, a former Loxo executive joining Lilly. “The question we asked ourselves is how successful will we be doing more things all at once with more people?”
Read more.
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