Eli Lilly (LLY 2.10%) stock defied today's market downturn, rising 2.6% through 11:15 a.m. ET on the back of two positive press releases.

In one, Lilly announced plans to acquire the farnesoid X receptor (FXR) program of clinical-stage biotech Organovo (ONVO 333.31%), including its lead asset, FXR314, a drug that aims to treat ulcerative colitis and metabolic dysfunction-associated steatohepatitis (MASH).

In an unrelated announcement, Lilly said it has cut the price for 2.5-milligram and 5-mg vial doses of its Zepbound (tirzepatide) GLP-1 weight loss drug. Lilly also launched larger-dose vials of 7.5 mg and 10 mg, respectively, each costing $499 per one-month supply.

What this means for Eli Lilly

Regarding the first news item, Lilly said it will pay Organovo an up-front payment of an unspecified amount, as well as milestone payments (also unspecified), which will be paid out "as FXR314 achieves key regulatory and commercial milestones." Lilly will acquire "all commercial and intellectual property rights to Organovo's FXR program for worldwide development."

On the higher-profile GLP-1 diet drug news, Lilly cut the monthly, four-dose price of:

• 5 mg Zepbound to $349 per month, and
• 5 mg, 7.5 mg, and 10 mg Zepbound to $499 per month.

The 7.5-mg and 10-mg doses of Zepbound will be sold as part of "the Zepbound Self Pay Journey Program." Lilly advised that the prices for these higher-dose formulas will be for the first fill of a prescription, and for refills that occur within 45 days of the first delivery. It's not 100% clear, but it appears prices may be higher for refills after the first one.

What's Lilly up to here?

Lacking data on precisely what Lilly intends to pay for Organovo's new drug, I'll focus on the GLP-1 news today. And I'll just point out that it seems calculated to make Lilly's product relatively more attractive than competing diet drugs from both Novo Nordisk and Hims & Hers Health.

Lower prices, raise market share. It's as simple as that -- and good enough for a 2.6% stock price bump.