Eli Lilly acquires Hypnion

Eli Lilly has announced that it has signed a definitive merger agreement to acquire privately-held neuroscience pharmaceutical firm Hypnion. The agreement to purchase the company has been approved by its stockholders, with the transaction forecast to close at the end of the first quarter of the year.

Hypnion is focused on the development of treatments for sleep disorders. Earlier this year, the company announced that in phase II clinical trials of its HY10275 compound in patients with transient insomnia, the drug reached its primary and secondary endpoints.

The financial details of the transaction have not been disclosed, while the closing of the deal is dependent on clearance under antitrust legislation and other standard conditions.

Steven M Paul, executive vice-president of science and technology at Lilly, said: “The acquisition of Hypnion provides Lilly with a broader and more substantive presence in the area of sleep disorder research.”

He added that Hypnion has developed both novel molecules and new technologies, while Lilly would continue the firm’s efforts to develop improved treatments for sufferers of sleep disorders.

Last December, Lilly announced an amendment to its agreement to merge with Icos, with the total purchase price increasing to $2.3 billion (1.19 billion pounds), or $34 per share.