Eli Lilly to buy gene therapy developer Prevail in deal valued at $1.04 billion

U.S. drugmaker Eli Lilly and Co said on Tuesday it would buy Prevail Therapeutics Inc in a deal valued at $1.04 billion, to expand its presence in the lucrative field of gene therapy.

Lilly said it would acquire Prevail for $22.50 per share, which represents a premium of 80% to Monday's closing price. The deal also includes a "contingent value right" worth $4 per share in cash, contingent upon certain milestones being achieved.