SGX shareholder seeks alternatives to acquisition of company by Eli Lilly

By Lisa Kerner

Charlotte, N.C., July 14 - SGX Pharmaceuticals, Inc. investor BVF Partners LP said it will explore, with the company and others, alternatives to Eli Lilly & Co.'s proposed acquisition of the company prior to a shareholder vote.

It was previously announced that Eli Lilly agreed to acquire SGX for $3 per share in an all-cash transaction valued at approximately $64 million.

BVF Partners said alternatives could include one or a combination of:

• The continued independence of the company, possibly financed through a non-dilutive rights offering with existing shareholders;

• Strategic collaborations with third parties; and

• The sale of SGX, in whole or in part, under different terms than proposed.

BVF Partners, with a 28.6% stake in the San Diego biotechnology company, made its comments in a schedule 13D filed with the Securities and Exchange Commission.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.