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Eli Lilly To Acquire Sphinx Pharmaceuticals Corp.

March 8, 1994

INDIANAPOLIS (AP) _ Eli Lilly and Co. has agreed to acquire Sphinx Pharmaceuticals Corp., a Durham, N.C.-based biopharmaceutical company.

Under the agreement announced Tuesday, each of Sphinx’s 12.6 million shares will be exchanged for the equivalent of $6 in cash. Lilly already owns 680,000 shares of Sphinx stock, so the total value of the purchase will be about $72 million.

The agreement is subject to government approval and approval by the board of directors of each company and Sphinx shareholders. Officials at Indianapolis-based Lilly hope to have the acquisition completed within six months, said spokesman David Pomfrett.

Under the proposed acquisition, Sphinx would join Lilly Research Laboratories and would be a wholly-owned subsidiary of Lilly. Sphinx, which was founded in 1987, focuses on drug discovery and the study of organic molecules.

″We intend to make Sphinx’s Durham site the center for high-volume biochemical screening activities for LRL. The combined programs of Sphinx will position Lilly as a leader in new technology important for pharmaceutical discovery in the future,″ said August M. Watanabe, a Lilly vice president and president of Lilly Research Laboratories.

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