Update: Market Chatter: Eli Lilly Plans to Sell About $8 Billion of Bonds to Fund Acquisitions
(Updates with the company's response in the fourth paragraph.)Eli Lilly (LLY) is looking to raise about $8 billion from an investment-grade bond sale to fund an acquisition spree, Bloomberg reported Wednesday, citing people with direct knowledge of the matter.The company is offering notes in as many as eight tranches, with maturities ranging from two to 40 years, according to the report.Proceeds will be used for general corporate purposes and potentially fund all or part of the upfront cash consideration and related expenses linked to the Centessa Pharmaceuticals (CNTA) and Kelonia Therapeutics acquisitions, Bloomberg said.An Eli Lilly spokesperson said the company is excited to be in the investment-grade market. Following strong Q1 earnings, an upgrade from S&P to AA- with a positive outlook, and a favorable market backdrop, Lilly is encouraged by investor interest, the spokesperson added.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $992.35, Change: $+3.48, Percent Change: +0.35%
