Sigilon jumps on Eli Lilly's buyout deal for more than $300 mln

Sigilon Therapeutics

29/06/2023 12:38

** Shares of cell therapy developer Sigilon Therapeutics Inc
 SGTX.O  jump 8 folds to $31.48 before the bell
    ** Stock top pct. gainer across U.S. stock exchanges 
    ** Eli Lilly and Company  LLY.N  said it would acquire SGTX 
in an all-cash deal that could be worth more than $300 mln,
excluding shares held by Lilly 
    ** Lilly will purchase all outstanding shares of Sigilon for
$14.92/share in cash
    ** SGTX shareholders also have a contingent value right to
up to an additional $111.64/share in cash, if they achieve
certain developmental and regulatory milestones, Lilly said    
        ** The deal gives Lilly access to SGTX's proprietary
cell therapy candidate being developed to treat type 1 diabetes 
        ** The deal is not subject to any financing condition
and is expected to close in Q3 - LLY     
    ** As of last close, SGTX was stock down 13.63% YTD

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))