The $3 per share price was "full and fair, " Gino Santini, Eli Lilly senior vice president of corporate strategy and business development, said.
"Lilly will not increase its offer price, and we are confirming that the $3 per share price for SGX is our best and final offer," Santini said.
Lilly signed a merger agreement with cancer drug developer SGX in July, the Indianapolis Star reported.
"Lilly and SGX fully intend to take this proposal to a stockholder vote at the $3 per share offer price," Santini said.
Celebrity Families of 2014 [PHOTOS]