Lilly Announces Completion of SGX Acquisition
August 20 2008 - 1:23PM
PR Newswire (US)
INDIANAPOLIS, Ind., Aug. 20 /PRNewswire-FirstCall/ -- Eli Lilly and
Company (NYSE:LLY) today announced that it has completed the
acquisition of SGX Pharmaceuticals, Inc. (NASDAQ:SGXP), a San
Diego-based biotechnology company focused on drug discovery and
development in the area of oncology. The completion of the deal
followed today's Special Stockholders Meeting, in which a majority
of SGX stockholders voted in favor of the merger agreement with
Lilly. Under the agreement, Lilly will today acquire all of the
outstanding shares of SGX common stock at a price of $3.00 per
share. All other closing conditions have also been met. (Logo:
http://www.newscom.com/cgi-bin/prnh/20031219/LLYLOGO ) 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(TM), SGX's fragment-based, protein structure guided drug
discovery technology, and to a portfolio of pre-clinical oncology
compounds focused on a number of high-value kinase targets. "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," remarked Steven M. Paul, M.D., executive
vice president, science and technology for Lilly. "We will leverage
the combined resources of both companies to strengthen our
structural biology capabilities and seek out innovative therapies
for patients." The impact of the acquisition, including a one-time
charge to earnings for acquired in-process research and
development, will be reflected in Lilly's third quarter 2008
financial results. About Eli Lilly and Company Lilly, a leading
innovation-driven corporation, is developing a growing portfolio of
first-in-class and best-in-class pharmaceutical products by
applying the latest research from its own worldwide laboratories
and from collaborations with eminent scientific organizations.
Headquartered in Indianapolis, Ind., Lilly provides answers -
through medicines and information - for some of the world's most
urgent medical needs. Additional information about Lilly is
available at http://www.lilly.com/. C-LLY This press release
contains forward-looking statements that are based on management's
current expectations; however, they are subject to significant
risks and uncertainties. Actual results may differ materially and
will depend on, among other things, realization of anticipated
operational efficiencies following the merger with SGX. There is no
guarantee Lilly will realize the expected benefits, or that SGX's
technology or pipeline will yield commercially successful
pharmaceutical products. For additional information about the
factors that affect the company's business, please see the
company's latest Form 10-K filed February 2008. The company
undertakes no duty to update forward-looking statements.
http://www.newscom.com/cgi-bin/prnh/20031219/LLYLOGODATASOURCE: Eli
Lilly and Company CONTACT: Mark E. Taylor of Eli Lilly and Company,
+1-317-276-5795 Web site: http://www.lilly.com/
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