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Eli Lilly and Company revealed it will acquire Sigilon Therapeutics by buying all the remaining shares that it did not own. The goal for the move is to develop and provide long-term solutions for diabetes patients by gaining access to the Massachusetts-based biotech firm’s experimental cell therapies that can provide longer-term solutions for diabetes patients.
According to Reuters, as of March 27, Eli Lilly owns almost 8.44% stake in Sigilon Therapeutics. It will now purchase the rest of the shares to own 100% of the company. The pharmaceutical firm headquartered in Indianapolis will pay a total of $34.6 million in cash which is equivalent to $14.92 per share for the acquisition deal.
Moreover, Lilly said that under the agreement, the shareholders of Sigilon Therapeutics will also get an additional $111.64 per share once Eli Lilly achieved some developmental and regulatory milestones. The deal is expected to close by the third quarter of this year, and once completed, the pharma company will be able to freely access all of the latter’s proprietary cell therapy candidates that are under development for the treatment of type 1 diabetes.
Prior to the acquisition, Eli Lilly and Sigilon Therapeutics have been working together for years already. Their cooperation started in 2018 when the former invested $63 million in a licensing deal with Sigilon. The investment was for the development of cell therapies for type 1 diabetes.
"Despite significant advancement in treatment for people living with type 1 diabetes, many continue to live with a high disease burden every day," Eli Lilly’s group vice president, diabetes, obesity and cardiometabolic research, Ruth Gimeno, Ph.D., said in a press release. "By combining Sigilon's talent and expertise in cell therapy with the knowledge and skills of Lilly's research and development teams, we will enhance opportunities to create innovative islet cell therapy solutions to improve the care of people living with diabetes."
Sigilon Therapeutic’s chief executive officer, Dr. Rogerio Vivaldi, M.D., also commented regarding the acquisition deal, "This agreement represents the culmination of the important work led by our research and development team to continue advancing SIG-002 at Lilly – the preeminent leader in the treatment of diabetes."
Finally, the Sigilon chief further said, “With deep industry expertise, Lilly is well-positioned to apply its industry-leading clinical and technical capabilities to harness the full potential of SIG-002 for the benefit of patients and their caregivers."
Photo by: Eli Lilly Press Release
