Lilly to Acquire SGX Pharmaceuticals for $3 Per Share Cash - SGXP Gaining in After Hours With Bid...

Released : Tuesday, July 08, 2008 4:10 PM Boston, Jul 08, 2008 (MidnightTrader via COMTEX News Network) -- Eli Lilly and Company (LLY) and SGX Pharmaceuticals (SGXP) ink a definitive merger agreement providing for the acquisition of SGX in an all-cash transaction. SGX, based in San Diego, California, is a biotechnology company focused on drug discovery and development in the area of oncology. Under the terms of the agreement, Lilly will acquire all of the outstanding shares of SGX common stock at a price of $3.00 per share, for a total purchase price of approximately $64.0 million. Upon the closing of the transaction, Lilly will incur a one-time charge to earnings for acquired in-process research and development, but it is premature to estimate what that charge will be, the company says. Price: 2.77, Change: 0, Percent... [read full story]