Eli Lilly inks $64 million deal to acquire SGX

7/9/2008

INDIANAPOLIS & SAN DIEGO Eli Lilly is acquiring a company based in San Diego for $64 million, Lilly announced Tuesday.

Indianapolis-based Lilly signed a merger deal with SGX Pharmaceuticals under which it will buy the San Diego-based biotechnology company for $3 per share.

The deal will give Lilly access to SGX technologies such as X-ray crystallography and SGX-CAT, a synchrotron facility that SGX built at the Argonne National Laboratory’s Advanced Photon Source in Chicago.

“We will leverage the combined resources of both companies to strengthen our structural biology capabilities and seek out innovative therapies for patients,” said Lilly’s executive vice president for science and technology, Steven Paul.

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