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Lilly in merger deal with SGX

Eli Lilly & Co has signed a definitive agreement to acquire of biotechnology firm, SGX Pharmaceuticals, at $3 per share and a total purchase price of $64m
Eli Lilly & Co has signed a definitive agreement to acquire of biotechnology firm, SGX Pharmaceuticals, at $3 per share and a total purchase price of $64m.

SGX is a biotechnology company focused on discovery, development and commercialisation of novel targeted therapeutics aimed at tackling unmet medical needs in oncology. On completion of the deal, Lilly will integrate SGX's operations and pipeline into its own R&D programmes and gain access to FAST, a fragment-based, protein-structure-guided drug discovery platform.

Dr Steven Paul, executive vice-president of science and technology for Lilly, said: "We will leverage the combined resources of both companies to strengthen our structural biology capabilities and seek out innovative therapies for patients."

The two companies have been collaborating since 2003 to determine three-dimensional structures of key Lilly drug targets. The ongoing R&D partnership also gives Lilly access to SGX's state-of-the-art synchrotron beamline facility, SGX-CAT, which enables x-ray crystallography and protein structure determination.

"We believe that this merger provides an excellent opportunity for the potential of SGX's platform and pipeline to be realised, while simultaneously providing our shareholders with attractive financial terms," said Mike Grey, CEO of SGX.

9th July 2008

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