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Aug. 4, 2008 / 2:48 PM

Lilly declares its final offer for SGX

INDIANAPOLIS, Aug. 4 (UPI) -- Pharmaceutical giant Eli Lilly and Co. said Monday that $64 million would be its highest offer for California biotech firm SGX Pharmaceutical.

The $3 per share price was "full and fair, " Gino Santini, Eli Lilly senior vice president of corporate strategy and business development, said.

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"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.

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