UNITED ~~STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549~~STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) ~~of the Securities Exchange Act of 1934~~

~~Date~~ of ~~Report~~the ~~(Date~~Securities ofExchange ~~earliest~~Act ~~event~~of ~~reported): June 07, 2023~~1934

Date of Report (Date of earliest event reported): June 18, 2023

DICE THERAPEUTICS, INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware	001-40794	~~001-40794~~	47-2286244
(State or Other Jurisdictionof Incorporation)		(Commission File Number)	(IRS EmployerIdentification No.)
(State or Other Jurisdiction of Incorporation)	(Commission File Number)		(IRS Employer Identification No.)
400 East Jamie Court, Suite 300
South San Francisco, California			94080
(Address of Principal Executive Offices)			(Zip Code)


400 East Jamie Court, Suite 300
South San Francisco, California				94080
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 650 566-1420

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		~~TradingSymbol~~Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.0001 Par Value Per Share		DICE		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 51.0301 ~~Amendments~~Entry tointo ~~Articles~~a ofMaterial ~~Incorporation~~Definitive ~~or Bylaws; Change in Fiscal Year~~Agreement.

AsMerger ~~further~~Agreement described below in Item 5.07 of this Current Report on Form 8-K, on June 7, 2023, at the Annual Meeting of Stockholders (the “Annual Meeting”) of DICE Therapeutics, Inc. (the “Company”), the Company’s stockholders approved an amended and restated certificate of incorporation (the “Amended and Restated Certificate of Incorporation”) to permit the exculpation of the Company’s officers from liability in certain circumstances. On June 7, 2023, the Company filed with the Secretary of State of the State of Delaware the Amended and Restated Certificate of Incorporation.

AOn ~~description~~June 18, of2023, ~~the~~Eli ~~Amended~~Lilly and ~~Restated~~Company, ~~Certificate~~an ofIndiana ~~Incorporation~~corporation is(“Parent”), ~~set~~Durning ~~forth~~Acquisition inCorporation, ~~the~~a ~~Company’s~~Delaware ~~definitive~~corporation ~~proxy~~and ~~statement~~a ~~filed~~wholly ~~with~~owned ~~the~~subsidiary ~~Securities~~of ~~and~~Parent ~~Exchange~~(“Merger ~~Commission~~Sub”), onand ~~April~~DICE 26Therapeutics, ~~2023~~Inc., ina ~~the~~Delaware ~~section~~corporation ~~entitled~~(the “~~Proposal~~Company”) ~~No.~~entered 3into –an ~~Approval~~Agreement and Plan of anMerger ~~Amended~~(the ~~and~~“Merger ~~Restated~~Agreement”). ~~Certificate~~The ofMerger ~~Incorporation~~Agreement toprovides ~~Permit~~that, subject to the ~~Exculpation~~terms of ~~Officers~~the Merger Agreement,” ~~which~~Merger ~~description~~Sub iswill ~~incorporated~~commence ~~herein~~a bycash ~~reference.~~tender ~~The~~offer ~~description~~(the is“Offer”) ~~qualified~~to inpurchase ~~its~~all ~~entirety~~of bythe ~~reference~~outstanding toshares ~~the~~of ~~full~~common ~~text~~stock of the ~~Amended~~Company, ~~and~~par ~~Restated~~value ~~Certificate~~$0.0001 ofper ~~Incorporation~~share (the “Shares”), at a ~~copy~~price of ~~which~~$48.00 isper ~~filed~~share as(the ~~Exhibit~~“Offer ~~3.1~~Price”), net to ~~this~~the ~~Current~~seller ~~Report~~in oncash, ~~Form~~without ~~8-K~~interest, and ~~incorporated~~subject ~~herein~~to byapplicable ~~reference~~withholding taxes.

~~Item~~Consummation ~~5.07~~of ~~Submission~~the ofOffer ~~Matters~~is subject to various conditions set forth in the Merger Agreement, including (a) a ~~Vote~~majority of ~~Security~~Shares ~~Holders~~then-outstanding being tendered in the Offer, (b) the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, (c) the accuracy of the Company’s representations and warranties contained in the Merger Agreement (except, generally, for any inaccuracies that have not had a Company Material Adverse Effect (as defined in the Merger Agreement)), (d) the Company’s performance in all material respects of its obligations under the Merger Agreement and (e) the other conditions set forth in Exhibit A to the Merger Agreement. The consummation of the Offer and Merger is not subject to a financing condition.

The ~~final~~Merger ~~voting~~Agreement ~~results~~provides ~~for~~that Merger Sub will commence the ~~Annual~~Offer ~~Meeting~~no ~~are~~later asthan ~~follows~~10 business days after the date of the Merger Agreement. The Offer will expire at one minute after 11:59 p.m., Eastern time, on the date that is 20 business days following the commencement date of the Offer, unless extended in accordance with the terms of the Offer and the Merger Agreement and the applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”).

~~Proposal~~Following Noconsummation of the Offer, Merger Sub will merge with and into the Company, with the Company surviving as a wholly owned subsidiary of Parent (the “Merger”). 1In –the ~~Election~~Merger, each Share issued and outstanding immediately prior to the effective time of ~~Class~~the IIMerger ~~Directors~~that is not tendered and accepted pursuant to the Offer (other than the Shares owned by the Company, Shares held by Parent or Merger Sub, and Shares as to which appraisal rights have been perfected in accordance with applicable law) will be canceled and converted into the right to receive the Offer Price, on the terms and conditions set forth in the Merger Agreement. Immediately prior to the effective time, all restricted stock awards, unvested stock options and unvested restricted stock units will become fully vested, and at the effective time, each stock option and restricted stock unit will be canceled and converted into the right to receive an amount in cash equal to the Merger Consideration (or, in the case of stock options, the difference between the Merger Consideration and the applicable per share exercise price), less any applicable withholding taxes.

The ~~Company’s~~board ~~stockholders~~of ~~elected~~directors of the ~~two~~Company ~~Class~~(the II“Board”) ~~director~~has ~~nominees~~unanimously to(i) determined that the ~~Company’s~~Offer, ~~Board~~the ofMerger, ~~Directors~~the ~~for~~Merger aAgreement ~~term~~and ofthe ~~three~~other ~~years~~transactions ~~expiring~~contemplated ~~with~~by ~~respect~~the toMerger ~~each~~Agreement ~~director~~(collectively, atthe “Transactions”) are fair to and in the ~~annual~~best ~~meeting~~interests of the Company and the stockholders toof bethe ~~held~~Company, in(ii) approved ~~2026~~and declared advisable the Merger, the execution, delivery and ~~until~~performance ~~such~~by ~~director’s~~the ~~successor~~Company isof ~~duly~~the ~~elected~~Merger Agreement and ~~qualified~~the orconsummation ~~until~~of ~~such~~the ~~director’s~~Transactions ~~earlier~~and ~~resignation~~(iii) resolved, orsubject ~~removal~~to the terms and conditions of the Merger Agreement, ~~with~~to recommend that all stockholders of the ~~votes~~Company ~~cast~~accept asthe ~~follows:~~Offer and tender their shares pursuant to the Offer.

Nominee	Votes For	Votes Withheld	Broker Non-Votes
Jim Scopa	32,540,055	9,054,159	3,655,517
Jake Simson, Ph.D.	32,596,683	8,997,531	3,655,517

The Merger Agreement provides that the Merger will be governed by Section 251(h) of the Delaware General Corporation Law (the “DGCL”) and shall be effected by Merger Sub and the Company as soon as practicable following the consummation of the Offer without a stockholders’ meeting pursuant to the DGCL.

~~Proposal~~The NoMerger Agreement contains customary representations and warranties by Parent, Merger Sub and the Company. 2The –Merger ~~Ratification~~Agreement also contains customary covenants and agreements, including with respect to the operations of ~~Independent~~the ~~Registered~~business ~~Public~~of ~~Accounting~~the ~~Firm~~Company between signing and closing, governmental filings and approvals and other matters.

The Merger Agreement contains customary non-solicitation restrictions prohibiting the Company’s ~~stockholders~~solicitation ~~ratified~~alternative business combination transactions and restricts the ~~selection~~Company’s ofability ~~Ernst~~to &furnish ~~Young~~non-public ~~LLP~~information asto, or participate in any discussions or negotiations with, any third party with respect to any such transaction, subject to customary exceptions in the ~~independent~~event ~~registered~~of ~~public~~an ~~accounting~~acquisition ~~firm~~proposal that was not solicited in violation of these restrictions and that the Company’s ~~for~~board ~~its~~of ~~fiscal~~directors ~~year~~determines ~~ending~~constitutes ~~December~~or ~~31,~~could ~~2023,~~reasonably ~~with~~be ~~the~~expected ~~votes~~to ~~cast~~lead to a Superior Company Proposal (as ~~follows:~~defined in the Merger Agreement).

Votes For	Votes Against	Votes Withheld	Broker Non-Votes
45,245,715	3,113	903	—

The Merger Agreement contains termination rights for each of Parent, Merger Sub and the Company including by either Parent or the Company if the Offer Closing Time (as defined in the Merger Agreement) shall not have occurred on or before June 18, 2024, or by the Company to enter into an alternative transaction that constitutes a Superior Company Proposal, and further provides that upon termination of the Merger Agreement under specified circumstances the Company may be required to pay Parent a termination fee of $92.0 million.

~~Proposal~~A Nocopy of the Merger Agreement is attached hereto as Exhibit 2.1 3and –is ~~Approval~~incorporated herein by reference. The foregoing description of anthe ~~Amended~~Merger Agreement is qualified in its entirety by reference to the full text of the Merger Agreement. The Merger Agreement has been attached to provide investors with information regarding its terms. It is not intended to provide any other factual information about the Company, Merger Sub or Parent. In particular, the assertions embodied in the representations and ~~Restated~~warranties ~~Certificate~~contained in the Merger Agreement are qualified by information in confidential disclosure schedules provided by the parties thereto in connection with the signing of ~~Incorporation~~the Merger Agreement. These disclosure schedules include information that modifies, qualifies and creates exceptions to ~~permit~~the representations, warranties and covenants set forth in the ~~Exculpation~~Merger Agreement. Moreover, certain representations and warranties in the Merger Agreement were used for the purpose of ~~Officers~~allocating risk between the Company, Merger Sub and Parent, rather than establishing matters of fact. Accordingly, the representations and warranties in the Merger Agreement may not constitute the actual state of facts about the Company, Merger Sub or Parent.

~~The~~Tender ~~Company’s stockholders approved the Amended~~ and ~~Restated~~Support ~~Certificate~~Agreements ~~of Incorporation to permit the exculpation of officers in certain circumstances, with the votes cast as follows:~~

Votes For	Votes Against	Votes Withheld	Broker Non-Votes
40,311,115	1,282,156	943	3,655,517

On June 18, 2023, in connection with the Merger Agreement, each of RA Capital Healthcare Fund, L.P., RA Capital Nexus Fund II, L.P. and J. Kevin Judice, PhD (collectively, the “Supporting Stockholders”), in each case in their capacity as a stockholder of the Company and who, collectively, beneficially own approximately 18% of the outstanding Shares, entered into a Tender and Support Agreement (together, the “Tender and Support Agreements”) with Parent and Merger Sub. The Tender and Support Agreements provide, among other things, that each of the Supporting Stockholders will tender all of the Shares held by such Supporting Stockholder, as applicable, in the Offer.

The Tender and Support Agreements have been included to provide information regarding their terms. It is not intended to modify or supplement any factual disclosures about the applicable stockholder or the Company, Parent or Merger Sub in any public reports filed with the SEC by the Company, Parent or Merger Sub.

The foregoing descriptions of each of the Merger Agreement and the Tender and Support Agreements do not purport to be complete and are qualified in their entirety by reference to the full text of each such agreement, which are attached hereto as Exhibits 2.1, 10.1 and 10.2, respectively, and are incorporated herein by reference.

Item 8.01

Other Events.

On June 20, 2023, the Company and Parent issued a joint press release announcing the execution of the Merger Agreement. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

Cautionary Notice Regarding Forward-Looking Statements

This Form 8-K contains “forward-looking statements” relating to the proposed acquisition of the Company by Parent. Such forward-looking statements include, but are not limited to, the ability of the Company and Parent to complete the transactions contemplated by the Merger Agreement, including the parties’ ability to satisfy the conditions to the consummation of the Offer contemplated thereby and the other conditions set forth in the Merger Agreement, statements about the expected timetable for completing the transaction, the Company’s and Parent’s beliefs and expectations and statements about the benefits sought to be achieved by Parent’s proposed acquisition of the Company, the potential effects of the acquisition on both the Company and Parent, and the possibility of any termination of the Merger Agreement. In some cases, forward-looking statements may be identified by terminology such as “believe,” “may,” “will,” “should”, “predict”, “goal”, “strategy”, “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “plan,” “expect,” “seek” and similar expressions and variations thereof. These words are intended to identify forward-looking statements. The Company has based these forward-looking statements on current expectations and projections about future events and trends that it believes may affect the financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs of the Company, but there can be no guarantee that such expectations and projections will prove accurate in the future.

All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Actual results may differ materially from current expectations because of risks associated with uncertainties as to the timing of the Offer and the subsequent Merger; uncertainties as to how many of the Company’s stockholders will tender their shares in the Offer; the risk that competing offers or acquisition proposals will be made; the possibility that various conditions to the consummation of the Merger and the Offer contemplated thereby may not be satisfied or waived; the effects of disruption from the transactions contemplated by the Merger Agreement on the Company’s business and the fact that the announcement and pendency of the transactions may make it more difficult to establish or maintain relationships with employees, suppliers and other business partners; and the risk that stockholder litigation in connection with the Offer or the Merger may result in significant costs of defense, indemnification and liability. Moreover, the Company operates in a very competitive and rapidly changing environment, and new risks emerge from time to time. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot guarantee future events, results, actions, levels of activity, performance or achievements, business and market conditions, the timing and results of any developments and whether the conditions to the closing of the proposed acquisition are satisfied on the expected timetable or at all. Additional factors that may affect the future results of Parent and the Company are set forth in their respective filings with the U.S. Securities and Exchange

Commission SEC, including in each of Parent’s and the Company’s most recently filed Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the SEC, which are available on the SEC’s website at www.sec.gov. The risks described in this communication and in Parent’s and the Company’s filings with the SEC should be carefully reviewed. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date they are made. Parent and the Company undertake no obligation to publicly release any revisions to the forward-looking statements after the date hereof to conform these statements to actual results or revised expectations.

Additional Information about the Acquisition and Where to Find It

The Offer referenced in this communication has not yet commenced. This communication is for informational purposes only, is not a recommendation and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the tender offer materials that, Parent and Merger Sub will file with the SEC upon commencement of the Offer. A solicitation and offer to buy outstanding shares of the Company will only be made pursuant to the tender offer materials that Parent and Merger Sub intend to file with the SEC. At the time the Offer is commenced, Parent and Merger Sub will file with the SEC tender offer materials on Schedule TO, and the Company will file with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the Offer.

THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS), AND THE SOLICITATION / RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME), BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS OF THE COMPANY SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES OF COMMON STOCK IN THE OFFER.

The tender offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement will be made available to all stockholders of the Company at no expense to them at Parent’s website at investor.lilly.com and (once they become available) will be mailed to the stockholders of the Company free of charge. Copies of the documents filed with the SEC by the Company will be available free of charge on the Company’s website, investors.dicetherapeutics.com, or by contacting the Company’s investor relations department at investors@dicetx.com. The information contained in, or that can be accessed through, Parent’s website and the Company’s website is not a part of, or incorporated by reference herein. The tender offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will also be made available for free on the SEC’s website at www.sec.gov. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, Parent and the Company file annual, quarterly, and current reports, proxy statements and other information with the SEC. You may read any reports, statements or other information filed by Parent and the Company with the SEC for free on the SEC’s website at www.sec.gov.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits

Exhibit No.		Description
ExhibitNo.		Description
3.1		Amended and Restated Certificate of Incorporation.
2.1		Agreement and Plan of Merger by and among DICE Therapeutics, Inc., Eli Lilly and Company and Durning Acquisition Corporation, dated June 18, 2023.*
10.1		Tender and Support Agreement, dated as of June 18, 2023, by and among Eli Lilly and Company, Durning Acquisition Corporation, RA Capital Healthcare Fund, L.P. and RA Capital Nexus Fund II, L.P.
10.2		Tender and Support Agreement, dated as of June 18, 2023, by and among Eli Lilly and Company, Durning Acquisition Corporation and J. Kevin Judice, PhD.
99.1		Joint Press Release, dated June 20, 2023.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

*	Schedules and similar attachments have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule will be furnished supplementally to the SEC upon request.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

~~DICE THERAPEUTICS, INC.~~

DICE THERAPEUTICS, INC.

June 7, 2023

/s/ Scott Robertson

Date: June 20, 2023

/s/ Scott Robertson

Scott RobertsonChief Business and Financial Officer

Scott Robertson

Chief Business and Financial Officer

Filing Compare · DICE Therapeutics, Inc.