Eli Lilly to acquire Sigilon Therapeutics
Betsy Goodfellow | June 30, 2023 | News story | Business Services | Chronic Diseases, Eli Lilly, Sigilon, acquisition
Eli Lilly and Sigilon Therapeutics have announced a definitive agreement for Lilly’s acquisition of Sigilon, a biopharmaceutical company focusing on the development of functional cures for patients with a broad range of acute and chronic conditions.
The two companies have worked together since 2018, developing encapsulated cell therapies such as SIG-002, for the treatment of type 1 diabetes. These treatments are intended to reduce the burden of constant disease management by detecting blood glucose levels, restoring insulin production and releasing it over a long period.
Lilly is expected to offer $14.92 per share, equating to approximately $34.6m, payable on closing, along with various milestone payments. The transaction is expected to close in the third quarter of 2023.
Ruth Gimeno, PhD, group vice president of diabetes, obesity and cardiometabolic research at Lilly, commented: “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.”
Rogerio Vivaldi, MD, CEO of Sigilon, added: “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. As a person with type 1 diabetes and a treating physician, I am a passionate believer in the potential of SIG-002 and am very proud of our team’s accomplishments in developing and optimizing this product candidate using our novel platform technology. 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.”Betsy Goodfellow
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