Eli Lilly to acquire Massachusetts-based biotech Sigilon Therapeutics for $309M
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Eli Lilly and Co. said Thursday it has agreed to buy a small biotech based in Massachusetts Sigilon Therapeutics Inc in a deal worth about $309 million. Since 2018, Lilly and Sigilon have worked together to develop encapsulated cell therapies, including SIG-002, for the treatment of type 1 diabetes
Under the terms of the agreement, Lilly will acquire all outstanding shares of Sigilon for about $34.6 million, or $14.92 per share. Lilly will also give Sigilon shareholders one “non-tradeable contingent value right” per share, worth up to $111.64 per share. The total value of the deal was $309.6 million. Lilly said the transaction is expected to close in the third quarter. Sigilon was formed in 2016 by Flagship Pioneer, a life-science venture capital firm.
Eli Lilly diabetes obesity and cardiometabolic research group vice-president Ruth Gimeno stated: “Despite significant advancement in treatment for people living with type 1 diabetes, many continue to live with a high disease burden every day. “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.”
Lilly said the transaction is expected to close in the third quarter. Sigilon was formed in 2016 by Flagship Pioneer, a life-science venture capital firm.
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