August 4, 2008

Lilly Declares Its Final Offer for SGX

Pharmaceutical giant Eli Lilly and Co. said Monday that $64 million would be its highest offer for California biotech firm SGX Pharmaceutical.

The $3 per share price was full and fair, Gino Santini, Eli Lilly senior vice president of corporate strategy and business development, said.

Lilly will not increase its offer price, and we are confirming that the $3 per share price for SGX is our best and final offer, Santini said.

Lilly signed a merger agreement with cancer drug developer SGX in July, the Indianapolis Star reported.

Lilly and SGX fully intend to take this proposal to a stockholder vote at the $3 per share offer price, Santini said.