Eli Lilly and Company (NYSE: LLY), a global healthcare company, announced on Friday that it has completed its acquisition of Loxo Oncology Inc. (NASDAQ: LOXO).

The acquisition is intended to expand Eli Lilly's oncology portfolio into precision medicines through the addition of a pipeline of highly selective potential medicines for patients with genomically defined cancers. Following completion of the tender offer, Lilly completed the acquisition of Loxo Oncology through the previously-planned second-step merger.

Anne White, president of Lilly Oncology, stated: "We are pleased to announce the completion of our acquisition of Loxo Oncology, which will expand the breadth of our portfolio into precision medicines and target cancers that are caused by specific gene abnormalities. We look forward to working with the Loxo Oncology team and continuing to rapidly advance this pioneering scientific innovation and improve the lives of people with cancer."