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news.Eli Lilly and Company and SGX Pharmaceuticals have signed a definitive merger agreement providing for the acquisition of SGX in an all-cash transaction.
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Under the terms of the agreement, Lilly will acquire all of the outstanding shares of SGX common stock at a price of $3 per share, for a total purchase price of approximately $64 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, 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.
The ongoing collaboration also provides Lilly with access to the SGX synchrotron beamline facility, SGX-Cat, which is a synchrotron facility enabling X-ray crystallography and protein structure determination built by SGX at the advanced photon source located at the Department of Energy’s Argonne National Laboratory in Chicago, Illinois.
The board of directors of SGX voted unanimously to approve the merger agreement and to recommend that its shareholders approve the transaction. The transaction is expected to close in the second half of 2008.