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 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.