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Home Industry News Eli Lilly to purchase SGX

Eli Lilly to purchase SGX

9th July 2008

Eli Lilly has announced the signing of a definitive merger agreement to acquire biotechnology firm SGX Pharmaceuticals in a cash transaction.

Under the terms of the deal, Lilly will acquire all the outstanding shares of SGX for a total price of $64 million (32.5 million pounds), equal to $3 per share.

The company said this acquisition would facilitate the integration of the structure-guided drug discovery platform into its own efforts, while giving it access to SGX’s Fast fragment-based protein structure guided drug discovery technology.

It will also give Lilly access to a portfolio of pre-clinical oncology compounds focused on a range of high-value kinase targets.

Prior to this agreement, Lilly has collaborated with SGX for the determination of three-dimensional structures of its own drug targets using x-ray crystallography technology from the oncology firm.

Steven M Paul, executive vice-president of science and technology at Lilly, said: “After a successful collaboration over the past several years, we are excited to bring the scientific and technological expertise of SGX into Lilly’s research organisation, while at the same time expanding our presence in the San Diego area.”

He added that the company will use the combined resources of both firms to enhance its structural biology capabilities and develop novel patient treatments.

In May 2008, Lilly announced the retirement of vice-president of global regulatory affairs Tim Franson, while vice-president of medical and chief medical officer Alan Breier also left the company to join the Indiana University School of Medicine.

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