Lilly to acquire Loxo Oncology

Lilly has confirmed that it will acquire targeted cancer drug maker Loxo Oncology for $8 billion. This will give the Indianapolis based company the TRK inhibitor Vitrakvi, the first drug approved by the FDA to target tumors according to a genetic abnormality rather than the location of the cancer.

This comes just days after Bristol-Myers Squibb announced its $74 billion acquisition of Celgene.

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