Looks like you’re on the UK site. Choose another location to see content specific to your location

Home Industry News Eli Lilly reaffirms SGX Pharmaceuticals offer

Eli Lilly reaffirms SGX Pharmaceuticals offer

5th August 2008

Eli Lilly has reaffirmed its offer to purchase SGX Pharmaceuticals for a total price of approximately $64 million (32.7 million pounds).

The company has restated its offer of $3 per share, adding it is its final and best offer for the biotechnology firm based in San Diego.

Eli Lilly and SGX Pharmaceuticals signed a definitive merger agreement last month and, under the terms of that deal, Lilly will acquire all of the outstanding common stock in SGX.

The company has referred stockholders in SGX to the proxy statement filed by the company which includes the reasons why the board of SGX voted unanimously to approve the merger agreement and recommend the transaction to its shareholders.

Gino Santini, senior vice-president of corporate strategy and business development at Eli Lilly, said: “We believe that the $3 per share purchase price represents full and fair value and provides a very attractive premium for SGX stockholders.”

He added the company would not increase this offer, with this amount representing a premium of 119 per cent over the closing price of the shares prior to the announcement of the merger agreement and a 108 per cent premium over the average closing price of the stock in the previous month.

Last month, Eli Lilly said this acquisition would enable the integration of the structure-guided drug discovery platform into its own efforts.

We currently have 5 jobs available in Pharmacy industry, find your perfect one now.

Stay informed

Receive the latest industry news, Tips
and straight to your inbox.