Eli Lilly (LLY) to Buy SGX Pharma (SGXP) for $3/Share

July 8, 2008 4:09 PM EDT
Eli Lilly and Company (NYSE: LLY) and SGX Pharmaceuticals, Inc. (Nasdaq: SGXP) today announced that the companies have signed a definitive merger agreement providing for the acquisition of SGX in an all-cash transaction.

Under the terms of the agreement, Lilly will acquire all of the outstanding shares of SGX common stock at a price of $3.00 per share, for a total purchase price of approximately $64.0 million.

The acquisition will allow Lilly to integrate SGX's structure-guided drug discovery platform into its drug discovery efforts. It will also give Lilly access to FAST(TM), SGX's fragment-based, protein structure guided drug discovery technology, and to a portfolio of pre-clinical oncology compounds focused on a number of high-value kinase targets.

SGX closed at $1.38 today.

Eli Lilly and Company engages in the discovery, development, manufacture, and sale of pharmaceutical products worldwide.

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