NEW YORK (AP) - Drug developer Eli Lilly and Co. will buy SGX Pharmaceuticals for about $64 million in cash in an effort to expand its drug discovery efforts, the companies said Tuesday. Indianapolis-based Eli Lilly will pay $3 per share for the San Diego-based biotech company, marking a premium of more than double SGX's closing price of $1.37 Tuesday. The companies have been collaborating since 2003 and the deal will now allow Eli Lilly to expand its biotechnology development platform along with a portfolio of potential cancer treatments. SGX shares quickly jumped to within range of the buyout price in after-hours trading, soaring to $2.87. "We will leverage the combined resources of both companies to strengthen our structural biology capabilities and seek out innovative therapies for patients," said Steven M. Paul,...
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