Announcement • Jun 21
Eli Lilly and Company (NYSE:LLY) entered into a definitive agreement to acquire DICE Therapeutics, Inc. (NasdaqGM:DICE) from RA Capital Healthcare Fund, L.P. and RA Capital Healthcare Fund, L.P., funds managed by RA Capital Management, L.P., J. Kevin Judice and others for $2.3 billion. Eli Lilly and Company (NYSE:LLY) entered into a definitive agreement to acquire DICE Therapeutics, Inc. (NasdaqGM:DICE) from RA Capital Healthcare Fund, L.P. and RA Capital Healthcare Fund, L.P., funds managed by RA Capital Management, L.P., J. Kevin Judice and others for $2.3 billion on June 18, 2023. Pursuant to the agreement, Eli Lilly and Company will commence a cash tender offer to purchase all of the outstanding shares of common stock of DICE Therapeutics at a price of $48 per share, net to the seller in cash, without interest, and subject to applicable withholding taxes. Following the successful closing of the tender offer, Lilly will acquire any shares of DICE that are not tendered in the tender offer through a second-step merger at the same consideration as paid in the tender offer. Upon termination of the agreement under specified circumstances DICE Therapeutics may be required to pay Eli Lilly and Company a termination fee of $92 million.
Consummation of the offer is subject to various conditions, including a majority of Shares then-outstanding being tendered in the offer and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The consummation of the Offer and Merger is not subject to a financing condition. The Board of Directors of DICE Therapeutics unanimously approved the transaction. The Board of Directors of Eli Lilly and Company approved the transaction. The transaction is expected to close in the third quarter of 2023. Michael P. Brueck and Chelsea N. Darnell of Kirkland & Ellis LLP acted as legal advisor to Eli Lilly and Company. Matthew Rossiter, Douglas N. Cogen and David K. Michaels of Fenwick & West LLP acted as legal advisor to DICE Therapeutics. For DICE, Centerview Partners LLC is acting as exclusive financial advisor and fairness opinion provider. New Risk • Jun 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 23% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$231m net loss in 3 years). Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (25% increase in shares outstanding). Price Target Changed • Jun 21
Price target decreased by 13% to US$56.30 Down from US$64.43, the current price target is an average from 10 analysts. New target price is 21% above last closing price of US$46.44. Stock is up 217% over the past year. The company is forecast to post a net loss per share of US$2.57 next year compared to a net loss per share of US$2.13 last year. Recent Insider Transactions • Mar 22
Independent Director recently sold US$291k worth of stock On the 17th of March, James Scopa sold around 10k shares on-market at roughly US$29.05 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Feb 11
DICE Therapeutics, Inc. Announces Board Changes On February 7, 2023, Shaan Gandhi, M.D., D. Phil., notified the Board of Directors of DICE Therapeutics, Inc. of his intent to resign as a Class I director of the Board, as the chair of the Nominating and Corporate Governance Committee of the Board and as a member of the Audit Committee of the Board, effective February 10, 2023. Such Resignation was not the result of any dispute or disagreement with the Company or the Board on any matter relating to the operations, policies or practices of the Company. In addition, the Board appointed Dr. Jake Simson, an existing member of the Board, to serve on the Audit Committee, effective upon the Resignation. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Mittie Doyle was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 12
DICE Therapeutics, Inc. Announces Positive Topline Data from Phase 1 Clinical Trial of Lead Oral IL-17 Antagonist, DC-806, for Psoriasis DICE Therapeutics, Inc. announced positive topline data from its Phase 1 clinical trial of DC-806, an oral small molecule antagonist of the pro-inflammatory cytokine IL-17. The trial was a first-in-human, randomized, double-blind, placebo-controlled study designed to generate safety and pharmacokinetic (PK) data in healthy volunteers as well as provide early clinical proof-of-concept in psoriasis patients. The trial was conducted in three overlapping parts: Phase 1a single ascending dose (SAD) (n=40); Phase 1b multiple ascending dose (MAD) (n=32); and Phase 1c proof-of-concept in psoriasis patients (n=32). Proof-of-concept achieved, supporting further development of DC-806 as potential best-in-class oral agent for psoriasis: The Phase 1c, placebo-controlled psoriasis portion enrolled a total of 8 patients in the high dose group (800 mg BID), 13 patients in the low dose group (200 mg BID), and 11 patients in the placebo group. Following 4 weeks of treatment, the mean percentage reduction in Psoriasis Area and Severity Index (PASI) from baseline was 43.7% in the high dose group compared to 13.3% in the placebo group, with an exploratory p-value of 0.0008. Reduction in PASI was an exploratory endpoint with no correction for multiplicity. Both doses of DC-806 shown to be biologically active via analysis of well-precedented biomarkers: Exploratory biomarker data demonstrated dose-dependent IL-17 target engagement, rapid onset of action, and pharmacodynamic effects consistent with direct inhibition of IL-17 signaling. DC-806 was well tolerated with an excellent safety profile across all dose groups: Data across all three cohorts showed DC-806 was well tolerated with a favorable safety profile in both healthy volunteers and psoriasis patients at all dose levels evaluated with no serious adverse events, no dose-limiting adverse events, no treatment-related discontinuations, and no clinically-significant changes in clinical and safety lab parameters (including liver enzymes). All treatment emergent adverse events (TEAEs) were classified as mild or moderate with no dose-dependent trend in the frequency, severity, or type of TEAEs observed. Robust PK profile and dose-dependent IL-17 target coverage: DC-806 showed a favorable PK profile with dose-proportional increases in serum concentrations throughout the study. Analysis of the MAD and Phase 1c data showed achievement of IC50 and IC90 coverage at trough with doses of 175 mg QD and 400 mg BID, respectively. DICE plans to advance DC-806 into a dose-ranging Phase 2b clinical trial in patients with moderate-to-severe psoriasis. The company plans to submit an investigational new drug (IND) application with the U.S. Food and Drug Administration (FDA) in the first half of 2023 and initiate Phase 2b development. Announcement • Jul 22
DICE Therapeutics, Inc. Announces Completion of Enrollment in Phase 1 Clinical Trial of Lead Oral IL-17 Antagonist, DC-806 DICE Therapeutics, Inc. announced the completion of enrollment in the Company’s Phase 1 clinical trial of DC-806 in healthy volunteers and psoriasis patients. DC-806 is an orally-available, small molecule antagonist of the pro-inflammatory cytokine, interleukin-17 (IL-17), which is a validated drug target for the treatment of a variety of autoimmune and inflammatory diseases, including psoriasis. The Phase 1 trial is a first-in-human, randomized, double-blind, placebo-controlled study designed to generate safety and pharmacokinetic data and provide early clinical proof-of-concept in psoriasis patients. The trial is being conducted in three overlapping parts: Phase 1a (single ascending dose) and Phase 1b (multiple ascending dose) in healthy volunteers, and a Phase 1c (proof-of-concept) in psoriasis patients. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Director Mittie Doyle was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 05
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Director Mittie Doyle was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 29
DICE Therapeutics, Inc. Expands Management Team and Board of Directors DICE Therapeutics, Inc. announced the appointment of Mary Riley as general counsel and the additions of Lisa Bowers and Mittie Doyle, M.D., FACR, to DICE’s board of directors. Concurrently, Stephen Zachary, Ph.D., will be stepping down from the Company’s board. Mary Riley, J.D., as general counsel: Ms. Riley joins DICE following a 15-year tenure at Genentech, most recently serving as vice president, litigation, where she served on the legal leadership team and was responsible for managing a wide range of legal matters. She also previously led Genentech’s business law group and employment law group, where she served as a member of the human resources leadership team. Before joining Genentech, Mary was a partner at Heller Ehrman LLP and held roles at other corporate law firms. Mary received a J.D. Lisa Bowers, MHSA, to board of directors: Ms. Bowers is the chief commercial officer of Day One Biopharmaceuticals, a clinical-stage biopharmaceutical company founded to address a critical unmet need, the lack of therapeutic development in pediatric cancer. Prior to joining Day One, Lisa served as the chief executive officer and founder of Rhia Ventures. Mittie Doyle, M.D., FACR, to board of directors: Dr. Doyle is a proven research physician who has held numerous leadership roles in clinical development. She currently serves as chief medical officer of Aro Biotherapeutics, a biotechnology company pioneering the development of tissue-targeted genetic medicines. Prior to joining Aro, Dr. Doyle served as vice president, global therapeutic area head, immunology at CSL Behring. Reported Earnings • Nov 15
Third quarter 2021 earnings released: US$2.30 loss per share Third quarter 2021 results: Net loss: US$17.3m (flat on 3Q 2020). Announcement • Sep 15
DICE Therapeutics, Inc. has completed an IPO in the amount of $204 million. DICE Therapeutics, Inc. has completed an IPO in the amount of $204 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 12,000,000
Price\Range: $17
Transaction Features: Sponsor Backed Offering