Under the terms of the agreement, Lilly will initiate a tender offer to acquire all outstanding shares of DICE Therapeutics at a purchase price of $48 per share in cash, which aggregates to approximately $2.4 billion payable at closing. This purchase price reflects a premium of approximately 40% to the 30-day volume-weighted average trading price of DICE Therapeutics' common stock that ended on June 16, 2023, the last trading day before the transaction announcement.