Eli Lilly to buy New York drugmaker for up to $1B

Eli Lilly will acquire Prevail Therapeutics, a New York City-based drugmaker that focuses on drugs for neurodegenerative diseases, for up to $1 billion.

Under the deal, Eli Lilly will pay roughly $880 million to acquire Prevail, and will pay another $160 million if one of Prevail's drugs is FDA-approved by the end of 2024.