Breaking News From Pharma & Bio Ingredients
Lilly buying out SGX Pharmaceuticals
Posted on 2008-07-09 16:02:00
Lilly has signed a definitive merger agreement to acquire SGX Pharmaceuticals, Inc. for approximately $64 million in cash. SGX, based in San Diego, CA, is a biotechnology company focused on oncology drug discovery and development.
The acquisition gives Lilly access to FAST, SGX's fragment-based, protein structure guided drug discovery technology, and to its portfolio of preclinical oncology compounds focused on a number of high-value kinase targets.
The two companies began collaborating in 2003 to determine 3-D structures of key Lilly drug targets using SGX's x-ray crystallography technology. The ongoing collaboration also provides Lilly with access to SGX's state-of-the-art synchrotron beamline facility at the Advanced Photon Source (APS) located at the Department of Energy's Argonne National Lab in Chicago, IL.
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