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Sigilon Therapeutics Inc (NASDAQ:SGTX) shares are skyrocketing after Eli Lilly And Co (NYSE:LLY) agreed to acquire the company for a purchase price of $14.92 per share in cash (an aggregate of approximately $34.6 million).
Sigilon is also entitled to one non-tradeable contingent value right ("CVR") per share to receive up to an additional $111.64 per share in cash, for a total potential consideration of up to $126.56 per share in cash without interest (an aggregate of up to approximately $309.6 million excluding shares held by Lilly).
The transaction is not subject to any financing condition and is expected to close in the third quarter of 2023.
Since 2018, Lilly and Sigilon have worked together to develop encapsulated cell therapies, including SIG-002, for type 1 diabetes.
In the Q1 FY23 earnings release, Sigilon said its near-term focus is on development efforts for SIG-002, its product candidate for type 1 diabetes, which is being developed in collaboration with Eli Lilly.
Sigilon initiated IND-enabling activities for SIG-002 and anticipates initiating non-human primate (NHP) studies in 2H 2023. Additionally, the company expects an IND submission for SIG-002 in 2024.
Price Action: SGTX shares are up 488.80% at $23.14 on the last check Thursday.
