Lilly completes acquisition of SGX Pharmaceuticals
This article was originally published in Scrip
Lilly has completed the acquisition of SGX Pharmaceuticals, the San-Diego based biotechnology company focused on oncology. A majority of SGX shareholders voted in favour of the merger agreement with Lilly. Under the agreement, Lilly acquires all outstanding shares of SGX common stock at $3.00 per share. All other closing conditions have been met. Lilly and SGX have been in partnership since 2003 to explore three-dimensional structures of Lilly's drug targets using SGX's X-ray crystallography technology (Scrip Online, July 9th, 2008).