Lilly Announces Completion of SGX Acquisition
Eli Lilly and Company announced that it has completed the acquisition of SGX Pharmaceuticals, Inc. (Nasdaq: SGXP), a San Diego-based biotechnology company focused on drug discovery and development in the area of oncology. The completion of the deal followed a Special Stockholders Meeting, in which a majority of SGX stockholders voted in favor of the merger agreement with Lilly. Under the agreement, Lilly acquires all of the outstanding shares of SGX common stock at a price of $3.00 per share. All other closing conditions have also been met. The deal, valued at a total purchase price of $64 million, will allow Lilly to integrate SGX's structure-guided drug discovery platform into its drug discovery efforts.
"We are pleased to complete the acquisition of SGX and are excited to bring the scientific and technological expertise of SGX into Lilly's research organization," remarked Steven M. Paul, M.D., executive vice president, science and technology for Lilly. "We will leverage the combined resources of both companies to strengthen our structural biology capabilities and seek out innovative therapies for patients."
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