Deal brings Lilly a Phase II activin receptor-targeting antibody that could provide another tool in battling obesity. This is Lilly’s fourth M&A transaction since 20 June.

Genrix grossed $478.9m in the largest initial public offering from an innovative drug-focused biotech on Shanghai's STAR Market since February 2022. Meanwhile, Laekna and Cutia launched two smaller IPOs in Hong Kong.

Lilly agrees to pay about $2.4bn to acquire Dice and its Phase IIb oral IL-17 inhibitor, as well as a discovery platform that has yielded a preclinical oral PD-L1 inhibitor.

Chinese biotechs Biokin, Dizal, Junshi and Kelun Biotech are presenting four of the most closely-followed oral reports at ASCO on new clinical results for their candidates for non-small cell lung cancer.