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Eli Lilly (NYSE:LLY) has announced an acquisition of Sigilon Therapeutics (NASDAQ:SGTX) that is expected to be completed in Q3 of 2023.
Under the terms of the agreement, Eli Lilly has agreed to give Sigilon Therapeutics $309.60 million in cash in exchange for SGTX stock.
Eli Lilly is a drug firm with a focus on neuroscience, cardiometabolic, cancer, and immunology. Lilly's key products include Verzenio for cancer; Mounjaro, Jardiance, Trulicity, Humalog, and Humulin for diabetes; and Taltz and Olumiant for immunology.
Sigilon Therapeutics Inc is a clinical-stage biopharmaceutical company. The company is developing a new class of therapeutics and functional cures for patients with chronic diseases by providing stable and durable levels of therapeutic molecules to patients.
An acquisition is when one company, called the acquiring company, buys most or all of another company's, or target company's, shares to gain ownership. Buying more than 50% of a company's stock allows the the acquirer to make decisions without the approval of the company's shareholders.
An acquisition can potentially lead to a merger with the parent company, which makes it similar to a merger. This is why the two terms are commonly grouped together as mergers and acquisitions (M&A). However, in a merger, the leadership & operations of both companies usually change dramatically, while during an acquisition this is less likely to happen.
Make sure to follow our mergers & acquisitions calendar to stay-up-to-date on the most recent M&A deals.
This article was generated by Benzinga's automated content engine and reviewed by an editor.
