Indianapolis-based Eli Lilly and Co. was a major dealmaker this year, announcing several transactions valued at potentially $1 billion or more apiece, in addition to several smaller deals.
In August, Lilly completed its acquisition of Boston-based pharmaceutical company Versanis Bio—a deal that could deliver up to $1.93 billion to Versanis shareholders if the company achieves certain milestones.
Also in August, Lilly completed its acquisition of Massachusetts-based Sigilon Therapeutics Inc. in a deal worth $309 million.
As of mid-November, one of Lilly’s major deals seemed uncertain. In early October, the company announced plans to acquire Indianapolis-based Point Biopharma Global Inc. for $1.4 billion. But within weeks, some Point Biopharma shareholders were attempting to delay or halt the deal, saying the company could be worth much more than Lilly had agreed to pay.
On the divestiture side, Lilly in June closed on the sale of its drug Baqsimi to California-based Amphastar Pharmaceuticals. Amphastar paid Lilly $500 million at closing, with another $125 million due in a year. Lilly could also receive up to $450 million in payments based on sales.
Other significant 2023 deals:
◗ Batesville-based Hillenbrand Inc., which makes industrial equipment, sold Batesville Casket Co. to an affiliate of Connecticut-based private equity firm LongRange Capital in a $761.5 million deal that closed Feb. 1. Then, on Sept. 1, Hillenbrand acquired Kansas City, Missouri-based Schenck Process Food and Performance Materials from Germany-based Schenck Process in a $730 million deal.
◗ Noblesville-based Helmer Scientific Inc., which makes temperature-controlled storage equipment, was acquired in May by heating-and-cooling tech giant Trane Technologies for $263 million.
◗ Kimball International Inc., a furniture manufacturer based in the southwestern Indiana city of Jasper, was acquired June 1 by Iowa-based Muscatine Corp. in a cash-and-stock deal worth $485 million.
◗ In July, Indianapolis-based Ren Inc. announced it had secured a significant outside investment from a fund affiliated with Boston-based Bain Capital. Ren, which offers technology and services for the philanthropy sector, declined to specify the amount of the investment but said it was between $75 million and $300 million, and closer to the upper end of the range.•
Check out more year-in-review stories from 2023.