Drug giant will buy Lexington firm
Drug giant Eli Lilly & Co. said today it plans to buy Hypnion Inc., a Lexington company focused on sleep disorders.
Financial terms of the deal were not disclosed.
"The acquisition of Hypnion provides Lilly with a broader and more substantive presence in the area of sleep disorder research," Steven M. Paul, a Lilly executive vice president, said in a statement.
"Having demonstrated the promise of our pipeline of sleep medicines in the clinic and our enabling Score technology, we recognized that a partnership with a leading pharmaceutical company was our best strategy for moving forward quickly," Hypnion chairman Nick Galakatos said in a statement.
The transaction has been approved by Hypnion shareholders and is expected to close shortly, the companies said
Eli Lilly is headquartered in Indianapolis.
(By Chris Reidy, Globe staff)
