Eli Lilly to Buy Prevail Therapeutics for $1 Billion

Eli Lilly announced plans to acquire New York drugmaker Prevail Therapeutics for an estimated $1 billion, in a bid to broaden Eli Lilly’s gene therapy portfolio for the treatment of neurodegenerative diseases.

Prevail was launched in 2017 to develop adeno-associated virus-based gene therapies. The company is developing therapies for Parkinson’s disease, Gaucher disease, dementia, Alzheimer’s disease and amyotrophic lateral sclerosis (ALS), among others.

The planned acquisition continues the growing trend of gene and cell therapy consolidations as large drugmakers expand their reach into the field.