Eli Lilly Concludes Acquisition Of Sigilon Therapeutics

(RTTNews) - Eli Lilly and Co. (LLY) a biopharmaceutical company, announced on Friday that it has completed the acquisition of Sigilon Therapeutics, Inc. (SGTX).

The acquisition will aid Lilly to continue its research and development of encapsulated cell therapies, including SIG-002, for the treatment of type 1 diabetes.

In an earlier announcement, Lilly and Sigilon had entered into a definitive merger agreement dated June 28. Lilly commenced a tender offer to acquire the outstanding common stock of Sigilon for $14.92 per share along with a contingent value right which represents the contractual right to receive contingent payments of up to $111.64 per share in cash contingent on the achievement of specified milestones.

The tender offer expired on August 9 with 1,718,493 shares tendered representing a total of 76.61 percent together with the shares already owned by Lilly thereby completing the acquisition.

In pre-market activity, shares of Lilly are trading at $529.89 up 0.52% on the New York Stock Exchange. Sigilon shares closed at $22.47 on Friday on Nasdaq.