Eli Lilly to stand on its SGX offer

INDIANAPOLIS Eli Lilly said yesterday it would pay no more than the $64 million it previously offered for the acquisition of SGX Pharmaceuticals, according to published reports.

Lilly agreed to buy the development-stage biotech company July 8 million. The offer was more than double the stock price at the time. SGX’s board of directors unanimously approved the merger, which is subject to a shareholder vote Aug. 20.

The deal is expected to give Lilly access to SGX’s pipeline of cancer drug candidates and its Focused Antisense Screening Technology, used in drug development.

The deal is expected to close in the second half of 2008.