Acquisition momentum DICE Therapeutics was acquired by Eli Lilly in 2023 for $2.4 billion, signaling strong strategic value in immunology-focused oral therapeutics and a potential ongoing collaboration stance post-acquisition that could open BD conversations around existing Lilly portfolios and integration opportunities.

Oral immunology focus The company specializes in innovative oral medicines for chronic autoimmune and inflammatory diseases, targeting biologically validated pathways. This presents sales opportunities with CROs, contract manufacturers, and platform partners that support small molecule oral drug discovery, formulation, and regulatory readiness.

Moderate size, high leverage With 51-200 employees and a public history, DICE sits at a nimble scale that can rapidly pilot partnerships, co-development, or services contracts for specialized chemistry, safety profiling, and early-stage regulatory documentation.

Strategic partnerships Post-acquisition, potential cross-sell opportunities exist with Lilly’s broad immunology and patient access capabilities, as well as opportunities to provide early-phase testing, analytics, and data management services aligned with Lilly’s portfolio needs.

Clinical and regulatory readiness DICE’s track record of progressing programs from discovery to regulatory milestones, and prior public financing activity, indicates readiness for partnered clinical development services, pharmacovigilance support, and regulatory affairs consulting to accelerate joint programs.