Ventyx Biosciences, Inc. (VTYX)

Ventyx Biosciences, Inc. was a clinical-stage biopharmaceutical company focused on oral small-molecule therapies for inflammatory and autoimmune diseases. The company was founded in 2018, with Raju Mohan serving as its chief executive officer, and was based in Encinitas, California. Its approach was to develop targeted oral medicines for conditions where existing treatments were limited to injectables or had significant side effects.

The pipeline included VTX958, a tyrosine kinase 2 inhibitor studied in psoriasis, psoriatic arthritis and Crohn's disease, and VTX002, a sphingosine 1-phosphate receptor modulator studied in ulcerative colitis. Ventyx also developed NLRP3 inflammasome inhibitors, including VTX2735, a peripherally restricted candidate, and VTX3232, a brain-penetrant candidate aimed at conditions involving central nervous system and systemic inflammation, such as obesity-related and cardiovascular inflammatory disease. The company's research strategy centered on oral dosing, which it viewed as a convenience and access advantage over injectable biologic drugs used in many inflammatory conditions. Its NLRP3 programs were also directed at diseases with large patient populations in which inflammation plays a role.

Ventyx completed its initial public offering in October 2021, listing its common stock on the Nasdaq Global Select Market under the ticker VTYX. As a clinical-stage company it had no approved products and funded its research through equity financings. Its share price moved with clinical trial results; several development programs were deprioritized or discontinued after mixed trial outcomes in 2023 and 2024, while the NLRP3 inhibitor programs became a greater focus.

In January 2026, Eli Lilly and Company announced a definitive agreement to acquire Ventyx for $14.00 per share in cash, with an aggregate value of about $1.2 billion. Lilly said the acquisition would add oral therapies targeting inflammation-mediated disease, in particular NLRP3 inhibitors, to its portfolio. Lilly is one of the largest pharmaceutical companies in the world and had an established presence in immunology, which formed part of the stated rationale for acquiring the company's early- and mid-stage assets.

The merger closed on March 4, 2026. A Lilly subsidiary, RYLS Merger Corporation, merged into Ventyx, with Ventyx surviving as a wholly owned subsidiary of Lilly. Each share of Ventyx common stock was converted into the right to receive $14.00 in cash, without interest and less applicable tax withholding, and each share of preferred stock was converted into $1,400.00 in cash.

Ventyx notified Nasdaq of the closing and asked that trading be suspended, the common stock be withdrawn from listing, and a Form 25 be filed. Trading was suspended before the market opened on March 4, 2026. Ventyx indicated that it would file a Form 15 to terminate its SEC registration and reporting obligations. Eli Lilly, which is listed on the New York Stock Exchange, continues to trade under its existing ticker symbol.