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Lilly to acquire SGX Pharmaceuticals for $64 million

10 Jul 08

Eli Lilly has announced plans to acquire SGX Pharmaceuticals in a move designed to boost its drug discovery efforts in the field of oncology.

Under the terms of the agreement, Lilly will pay $3.00 per share in cash, making for a total purchase price of $64.0 million. The offer from the Indianapolis-based drugs major represents a considerable premium on SGX’s closing price of $1.37 per share last night.

The two companies have been collaborating since 2003 and the acquisition will allow Lilly to integrate SGX's structure-guided drug discovery platform into its own efforts. It will also own FAST, SGX's fragment-based, protein structure-guided technology and have access to a portfolio of pre-clinical oncology compounds focused on a number of high-value kinase targets.

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