Organovo Holdings Inc ( ONVO ) shares are trading higher by 198.1% to $1.12 Tuesday morning after the company announced that Eli Lilly And Co ( LLY ) is set to acquire its FXR program, including FXR314.

What To Know: San Diego-based biotechnology company Organovo ( ONVO ) announced that Eli Lilly ( LLY ) will acquire its FXR program, including lead asset FXR314, aimed at treating inflammatory bowel disease. Organovo ( ONVO ) Executive Chairman Keith Murphy called the deal a major milestone, highlighting Lilly's expertise in drug development.

The agreement includes an upfront payment to Organovo ( ONVO ), along with potential milestone payments tied to regulatory and commercial achievements. Lilly will gain full commercial and intellectual property rights to the FXR program for global development.

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According to data from Benzinga Pro, ONVO has a 52-week high of $1.74 and a 52-week low of $0.32.