Esperion Therapeutics, Inc. (ESPR) shares are climbing, up 15.99% to $28.95, in early market trading on Monday following news that Eli Lilly (LLY) would discontinue its development of heart-disease treatment evacetrapib, as it could reduce potential competition for ESPR’s lead candidate ETC-1002.
LLY said it expects to record a Q4-charge of $90 million, or $0.05/shr, as a result of discontinuing development.
“We’re obviously disappointed in this outcome, as we hoped that evacetrapib would offer an advance in treatment for people with high-risk cardiovascular disease,” stated David Ricks, president of Lilly Bio-Medicines.
Shares of Eli Lilly and Co. are lower by nearly 9% to $78.69 in early trading.
Shares of Tesla Motors, Inc. (TSLA) are up slightly this morning on news the company plans to release its latest software upgrade with autopilot features—worldwide to owners of its Model S sedan on Thursday.
Tesla CEO Elon Musk made the announcement via a Twitter (TWTR) this weekend.
Shares of General Electric Company (GE) are down marginally in early trading on a Reuters report saying the company is in advanced talks with Wells Fargo (WFC) regarding the sale of GE’s specialty finance portfolio, which is worth over $30B.
A deal could be announced by the time Wells publishes its Q315 earnings on Wednesday, according to the report.