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news.Eli Lilly and Company has acquired SGX Pharmaceuticals, a San Diego-based biotechnology company focused on drug discovery and development in the area of oncology.
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Under the merger agreement, Lilly will acquire all of the outstanding shares of SGX common stock at a price of $3 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. It will also give Lilly access to Fast, SGX’s fragment-based, protein structure guided drug discovery technology, and to a portfolio of preclinical oncology compounds focused on a number of high-value kinase targets.
Steven Paul, executive vice president of science and technology at Eli Lilly, said: “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. We will leverage the combined resources of both companies to strengthen our structural biology capabilities and seek out innovative therapies for patients.”