A privately held neuroscience drug discovery company focused on sleep disorders – Hypnion, Inc. – has recently signed a definitive merger agreement with Eli Lilly and Company (NYSE: LLY), allowing Lilly to acquire Hypnion.
Hypnion stockholders have already approved the transaction, expected to close near the end of the first quarter of 2007.
According to Steven M. Paul, M.D., executive vice president, science and technology for Lilly:
"The acquisition of Hypnion provides Lilly with a broader and more substantive presence in the area of sleep disorder research.
Hypnion has leveraged its expertise in this area to develop both innovative technologies and molecules, including the promising insomnia compound HY10275.
We are excited to bring this expertise to Lilly and continue the efforts to discover better treatments for patients struggling with insomnia and other sleep disorders."
The financial terms of the agreement were not disclosed.
Read the full press release.
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