Eli Lilly and Company has signed a definitive agreement for the acquisition of all outstanding shares of biopharmaceutical firm Sigilon Therapeutics in a deal totalling $309.6m, or $126.56 per share in cash.

This total consideration excludes Sigilon shares currently held by Lilly.

Sigilon focuses on creating functional cures for individuals suffering from acute and chronic ailments by leveraging its Shielded Living Therapeutics platform. 

The companies have collaborated since 2018, developing encapsulated cell therapies, including SIG-002, to treat type 1 diabetes. 

The product candidates developed by Sigilon comprise non-viral engineered cell-based treatments. These can create a range of functions or therapeutic molecules that are absent or lacking in individuals with ailments, including diabetes. 

The takeover will conclude in the third quarter of 2023. 

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Eli Lilly diabetes obesity and cardiometabolic research group vice-president Ruth Gimeno stated: “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.”

In April 2023, Lilly announced plans to make an investment of $1.6bn in two new manufacturing facilities within the LEAP Innovation Park in Boone County, Indiana, US.