Eli Lilly acquires SGX Pharmaceuticals

By Lisa Kerner

Charlotte, N.C., Aug. 21 - Eli Lilly & Co. completed its acquisition of SGX Pharmaceuticals, Inc. on Aug. 20, it was reported in a schedule 13D filed with the Securities and Exchange Commission.

All outstanding SGX shares owned by Lilly were canceled and all other outstanding SGX shares were converted into the right to receive cash, the filing stated.

Earlier in the month Lilly said it would not increase its best and final offer of $3 per share for SGX.

On July 8, Lilly agreed to acquire SGX, a San Diego biotechnology company, for a total purchase price of approximately $64 million, a prior news release said.

Lilly is an Indianapolis-based pharmaceutical company.

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