Loxo Oncology Holding On To Substantial Gain In Afternoon Trading

(RTTNews) - Shares of Loxo Oncology, Inc. (LOXO) continue to see substantial strength in afternoon trading on Monday after gapping open sharply higher. Loxo Oncology is currently up by 66.5 percent after reaching a record intraday high.

The initial jump by Loxo Oncology came after the biopharmaceutical company agreed to be acquired by drug giant Eli Lilly (LLY) for $235 per share in cash or approximately $8 billion.

"We are gratified that Lilly has recognized our contributions to the field of precision medicine and are excited to see our pipeline benefit from the resources and global reach of the Lilly organization," said Josh Bilenker, M.D., chief executive officer of Loxo Oncology.