Shots:

• Lilly to acquire Prevail for $22.50/ share in cash (~ $880M) payable at closing plus one non-tradable CVR worth up to $4.00/ share in cash (~160M)- making a total of $26.50/share in cash (~$1.040B). The transaction is expected to be close in Q1’21
• The CVR is payable upon the first regulatory approval of a product from Prevail's pipeline either in the US or any other country including Japan- UK- Germany- France- Italy or Spain. If approval occurs after Dec 31- 2024- the value of the CVR will be reduced by ~8.3% /month until Dec 1- 2028 (at which point the CVR will expire)
• The acquisition will establish a new modality at Lilly- extending its research in gene therapy program- anchored via Prevail's pre/clinical neuroscience asset

 ­ Ref: Lilly | Image: BusinessWire