Under the terms of the agreement, Lilly will commence a tender offer to acquire all outstanding shares of Loxo Oncology for a purchase price of $235.00 per share in cash, or approximately $8 billion.

Bayer has acquired full rights to two drugs partnered with Loxo Oncology, on the same day that the biotech was taken over by Eli Lilly in an $8 billion deal. Bayer first partnered with Loxo on the ...