Eli Lilly Taps Blue-Chip Bond Market to Fund Morphic Acquisition

Bloomberg08-12

(Bloomberg) -- Eli Lilly & Co. is selling US investment-grade bonds on Monday to fund its $3.2 billion acquisition of gut-drug maker Morphic Holding Inc., after recession fears triggered a turbulent ...

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The longest portion of the deal, a 40-year note, is expected to yield in the area of 1.3 percentage point over Treasuries, the person added, asking not to be identified as the details are private. \nA spokesperson for Lilly declined to comment.\nLilly is buying Morphic to gain experimental therapies for inflammatory bowel disease and other chronic illnesses, the companies said in a July 8 statement. The deal is expected to close in the third quarter, subject to customary closing conditions.\nLilly is among 16 potential borrowers looking to sell fresh debt in the US high-grade market on Monday. Companies are likely trying to get ahead of a heavy economic data week, with producer price index data due Tuesday, consumer price index data out Wednesday and retail sales data coming on Thursday.\nAny remaining proceeds from Lilly’s bond sale, after the company funds its acquisition, may go toward purposes including refinancing outstanding commercial paper.\nThe issuance activity follows a turbulent week in global markets. Key measures of credit risk surged globally last Monday, with the turmoil shutting down US company bond sales, after the US jobs report for July showed hiring slowed markedly — raising recession concerns and pressuring the Federal Reserve to accelerate its pace of anticipated interest-rate cuts. But later in the week, spreads came in and issuance resumed. Average high-grade corporate bond yields have fallen in the last two weeks, giving companies a bit more incentive to sell bonds.\n©2024 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2458987246"}