Ropes & Gray Represents Sigilon Therapeutics in Sale to Eli Lilly

In The News
June 29, 2023

Ropes & Gray advised Sigilon Therapeutics in an agreement to sell the Nasdaq listed company to Eli Lilly and Company. The transaction was announced in a press release on June 29.

Sigilon and Lilly have worked together since 2018 to develop encapsulated cell therapies, including the type 1 diabetes treatment, SIG-002. The cell therapies aim to free patients from constant disease management by sensing blood glucose levels, restoring insulin production and releasing it over the long term.

Under the agreement, Lilly will commence a tender offer to acquire all outstanding shares of Sigilon for a purchase price of $14.92 per share in cash plus one non-tradeable contingent value right per share that entitles the holder to receive up to $126.56 per share in cash without interest upon achievement of certain milestones, representing an aggregate transaction value of up to approximately $309.6 million.

The Ropes & Gray team was led by mergers & acquisitions partner Zachary Blume and life sciences licensing partner Marc Rubenstein, and included capital markets partner Will Michener, litigation & enforcement partner Martin Crisp, executive compensation and employee benefits partner Renata Ferrari, tax partner Scott Pinarchick.