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UPDATE: Lilly to acquire Dermira for $1.1B in cash

Eli Lilly and Co. agreed to acquire Dermira Inc. for $1.1 billion in cash, or $18.75 per share.

The acquisition will expand Lilly's portfolio of dermatology medicines, adding Dermira's eczema treatment lebrikizumab and Qbrexza, used to treat primary axillary hyperhidrosis, or excessive underarm sweating.

Under the definitive agreement, the Indianapolis-based pharmaceutical giant will begin a tender offer to acquire all of Dermira's outstanding common shares for $18.75 apiece. Dermira's shareholders, who own about 13% of the company's outstanding common shares, agreed to tender their shares in the offer, Lilly added.

Lilly will provide an update to its 2020 financial outlook, including the expected impact from the deal, as part of its fourth-quarter and full-year 2019 earnings Jan. 30.

The transaction is expected to close by the end of the first quarter.

Evercore is the exclusive financial adviser, while Weil Gotshal & Manges LLP is acting as legal adviser for Lilly in the transaction.

Citi is the lead financial adviser for Dermira, with SVB Leerink acting as financial adviser and Fenwick & West LLP as legal adviser.