Lilly wraps up Sigilon Therapeutics acquisition to amplify Type 1 diabetes research
Eli Lilly and Company (Lilly) has formally announced the culmination of its $309.6 million takeover of biopharma trailblazer, Sigilon Therapeutics, Inc. (NASDAQ: SGTX). This strategic acquisition propels Lilly’s quest to pioneer advanced encapsulated cell therapies, prominently spotlighting the SIG-002 treatment for type 1 diabetes.
Driven by its mission to “Make life better,” Lilly’s acquisition is hailed as a significant step towards transforming care for type 1 diabetes patients. Ruth Gimeno, the group vice president of diabetes, obesity, and cardiometabolic research at Lilly, highlighted the synergy, stating, “Collaborating with the innovative minds at Sigilon, we are optimistic about redefining disease management for patients and advancing Sigilon’s groundbreaking technology.”
Lilly completes acquisition of Sigilon Therapeutics. Photo courtesy of Momoneymoproblemz/Wikimedia Commons.
Sigilon Therapeutics, a brainchild of Flagship Pioneering, Daniel Anderson, and Robert Langer from the Massachusetts Institute of Technology, is esteemed for its Shielded Living Therapeutics platform. This revolutionary platform exploits human cells to architect functional cures spanning a myriad of acute and chronic ailments. At its core, Sigilon’s engineered therapies use its proprietary Afibromer biomaterials matrix. This approach promises to replenish therapeutic molecules, particularly in diseases like diabetes, and offers a shield from immune rejection.
The partnership between Lilly and Sigilon Therapeutics isn’t new; since 2018, the firms have been jointly crafting treatments like SIG-002. This innovative therapy stands to radically alter type 1 diabetes care, sensing glucose levels in the blood while reviving and modulating insulin production. The ultimate goal is to emancipate patients from the relentless demands of disease management.
Digging deeper into the acquisition specifics, the companies entered a merger agreement on June 28, 2023. Following this, on July 13, Lilly initiated an offer to purchase Sigilon’s shares at $14.92 per share, combined with a non-tradable contingent value right. This represents potential payments contingent on meeting specified milestones. While the offer concluded on August 9, 2023, with 1,718,493 Shares endorsed and retained, Lilly now possesses 76.61% of the total Shares issued and outstanding.