March 2017

CoLucid Acquired by Eli Lilly for $960M

United States - Delaware | United States - Indiana | United States - Massachusetts

Our firm represented CoLucid Pharmaceuticals, Inc., a publicly traded biopharmaceutical company, in its acquisition by Eli Lilly and Company for a purchase price of $960 million.

CoLucid was founded in 2005 and was developing lasmiditan oral tablets for the acute treatment of migraine headaches in adults and intravenous lasmiditan for the acute treatment of headache pain associated with migraine in adults in emergency room and other urgent care settings.

The Faegre Drinker team represented CoLucid in its initial public offering and follow-on public offering. We guided CoLucid through a complex sale process that was initiated by an in-bound offer from Eli Lilly. Throughout the process, we counseled the board and special committee on its fiduciary duties and responsibilities under Delaware law, thereby minimizing litigation risk. Our team also advised in matters of regulatory, tax, antitrust, executive compensation and employment law. 

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