The transaction has received approval from Hypnion stockholders and is expected to close near the end of the first quarter of 2007, subject to regulatory clearance. Financial terms of the deal were not disclosed.
“The acquisition of Hypnion provides Lilly with a broader and more substantive presence in the area of sleep disorder research,” said Steven Paul, executive vice president of science and technology for Lilly.
“Hypnion has leveraged its expertise in this area to develop both innovative technologies and molecules, including the promising insomnia compound HY10275. We are excited to bring this expertise to Lilly and continue the efforts to discover better treatments for patients struggling with insomnia and other sleep disorders.”
In January, Hypnion announced that its compound HY10275 met the primary and secondary endpoints in the company's initial phase II clinical trial at doses of 1mg and 3mg in adults with transient insomnia.