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Good Morning!
Happy Tuesday! Let’s see what is moving markets:
👉Eli Lilly’s acquistion
👉Etsy makes sweeping changes
👉Amazon’s new product
ACQUISTION: Eli Lilly
Eli Lilly plans to acquire Massachusetts-based Morphic Therapeutics for $3.2 billion in an all-cash deal, announced Monday. This purchase values Morphic at $57 per share, nearly 80% above its Friday closing price. The acquisition is expected to close by the end of September.
Source: CNN
Founded in 2015 with support from Harvard professor Timothy Springer and other investors, Morphic develops oral drugs targeting integrins, proteins linked to inflammation. Its leading drug, MORF-057, is in mid-stage trials for treating inflammatory bowel disease, including ulcerative colitis and Crohn's disease.
🎯 GRIT TAKE: Eli Lilly's $3.2 billion bet on Morphic…upgrade to VIP now to read the full GRIT Take!
ETSY: New Rules
Etsy, launched nearly two decades ago, originally attracted artisans selling niche, handmade items. Recently, the platform has been flooded with mass-produced goods from resellers, overshadowing genuine handmade products.
Source: CNBC
To combat this, CEO Josh Silverman is pushing Etsy to return to its roots of "keeping commerce human." Starting Tuesday, Etsy will implement new policies to clarify which products belong on its platform. These changes include labels indicating how each item was made. A new marketing campaign, featuring a TV spot highlighting real artisans, supports these policy changes. Etsy’s new rules require all products to incorporate a "human touch" and fall into one of four categories: made by a seller, designed by a seller, handpicked by a seller, or sourced by a seller.
AMAZON: Echo Spot
Amazon announced a new $79 Echo Spot alarm clock with a fresh design and better audio quality. The updated version features a display for time, weather, and song info, along with a front speaker for clearer vocals and deeper bass.
Source: Amazon
This is the first upgrade since the Echo Spot’s 2017 debut. Prime members can get it for $44.99 during the Prime Day sale until July 17. Amazon is also expected to revamp Alexa, its voice assistant, with more updates likely coming in their fall event, typically held in September.
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