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Eli Lilly said Tuesday that it will purchase DICE Therapeutics, a small company developing an experimental pill to treat psoriasis, for $2.4 billion in cash.

The deal price of $48 per share represents a 42% premium to DICE’s closing price Friday.

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“In combination with its novel technology and expertise in drug discovery, DICE’s talented workforce and passion for innovation will enhance our efforts to make life better for people living with devastating autoimmune diseases,” Patrik Jonsson, executive vice president, president of Lilly Immunology and Lilly USA, chief customer officer, said in a statement.

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