: Sigilon Therapeutics’ stock soars 472% after Eli Lilly agrees to acquire company

Eli Lilly & Co. LLY said Thursday it has agreed to acquire Sigilon Therapeutics in a deal worth up to $309.6 million, sending Sigilon’s stock up more than 470% premarket. Under the terms of the deal, Lilly will pay $14.92 per Sigilon share in cash, plus one non-tradeable contingent value right per share that entitles the holder to receive up to an additional $111.64 per share in cash, for a total potential consideration of up to $126.56 per share in cash without interest. CVR holders would be entitled to $4.06 a share in cash, upon first dosing of a specified product in the first human clinical trial; $26.39 per share in cash, upon first dosing of a specified product in the first human clinical trial for registration purposes; and $81.19 per share in cash, upon receipt of the first regulatory approval of a specified product. The deal is expected to close in the third quarter. Sigilon specializes in acute and chronic diseases. The company and Lilly has worked together since 2018 to develop encapsulated cell therapies, including SIG-002, for the treatment of type 1 diabetes. “The goal of these therapies is to free patients from constant disease management by sensing blood glucose levels, restoring insulin production and releasing it over the long term,” the companies said in a joint statement.

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