(CercleFinance.com) – Eli Lilly announces a definitive agreement to acquire Sigilon Therapeutics, a biopharmaceutical company that seeks to develop functional remedies for patients with a wide range of acute and chronic diseases.
Since 2018, the two companies have been working together to develop encapsulated cell therapies for the treatment of type 1 diabetes, with the aim of freeing patients from the constant management of the disease.
Under the agreed terms, Eli Lilly will launch a takeover bid at a price of $14.92 per share payable at closing, plus a non-negotiable contingent value (CVR) right for up to an additional $111.64.
The transaction, for a total consideration of up to approximately $309.6 million, is expected to close in the third quarter of 2023, subject to customary closing conditions, including the group holding the majority of shares following the takeover bid.
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