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Photo: Igor Golovniov/SOPA Images/LightRocket via Getty Images

Pharmaceutical company Eli Lilly made its first offer to buy Loxo Oncology on Dec. 20, 2018, and it was eager to close the deal before the J.P. Morgan Healthcare Conference last week, according to new regulatory documents filed by Loxo.

Between the lines: Acquisitions usually take several months of negotiations, not 2 weeks, but both sides in this $8 billion deal moved extraordinarily quickly in part to make a big splash at the health care industry's signature event.

Details: Eli Lilly and Loxo had been in touch since April 2018, but acquisition talks did not begin until last month.

  • Loxo has one FDA-approved drug on the market, but Eli Lilly appeared to be most interested in LOXO-292 — a cancer drug that had "positive interim data" in early clinical trials and received "breakthrough" status from the FDA in September.
  • Loxo did not pursue any other offers, and Eli Lilly only revised its offer once — from the initial $230 per share to the final $235 per share. Loxo's board said Eli Lilly's deal outweighed "the risks of outreach to third parties," according to the filing.
  • Josh Bilenker — an oncologist who used to work at the FDA, is Loxo's CEO and is an operating partner at the private equity firm Aisling Capital, which owns a large chunk of Loxo — will make $45 million from the shares he owns once the deal closes, according to the documents. Bilenker will make another $241 million from the deal based on his vested and unvested stock options.
  • Loxo expects revenue of all of its cancer medicines will peak in 2031 at $2 billion with a 43% profit margin, assuming FDA approvals.

Go deeper

European Super League faces collapse after English soccer teams quit

Fans of Chelsea Football Club protest the European Super League outside Stamford Bridge soccer stadium in London, England. Photo: Rob Pinney/Getty Images

The European Super League announced in a statement Tuesday night it's "proposing a new competition" and considering the next steps after all six English soccer clubs pulled out of the breakaway tournament.

Why it matters: The announcement that 12 of the richest clubs in England, Spain and Italy would start a new league was met with backlash from fans, soccer stars and politicians. The British government had threatened to pass legislation to stop it from going ahead.

Corporate America finds downside to politics

Illustration: Annelise Capossela/Axios

Corporate America is finding it can get messy when it steps into politics.

Why it matters: Urged on by shareholders, employees and its own company creeds, Big Business is taking increasing stands on controversial political issues during recent months — and now it's beginning to see the fallout.

Church groups say they can help the government more at border

A mural inside of Casa del Refugiado in El Paso, Texas. Photo: Stef Kight/Axios

Despite the separation between church and state, the federal government depends upon religious shelters to help it cope with migration at the U.S.-Mexico border.

Why it matters: The network supports the U.S. in times of crisis, but now some shelter leaders are complaining about expelling families to Mexico when they have capacity — and feel a higher calling — to accommodate them.