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Eli Lilly to buy Sigilon Therapeutics to expand diabetes treatments

A major provider of diabetes drugs and insulin, Lilly owned nearly 8.44% stake in Sigilon as of March 27. Sigilon shareholders will get an additional $111.64 per share if they achieve certain developmental and regulatory milestones, Lilly said. Shares of Sigilion soared more than eightfold in premarket trading to $34.48.The deal, which is expected to close in the third quarter of 2023, would give Lilly access to Sigilon's proprietary cell therapy candidate being developed to treat type 1 diabetes.