ARTICLE | Company News

Sphinx Pharma news

August 22, 1994 7:00 AM UTC

Under the proposed settlement, the "topping fee" to be paid by SPHX to Lilly in the event the transaction is not consummated and a third party acquires SPHX prior to March 7, 1995, for a price in excess of $6, has been reduced to $2.5 million from $3.5 million. Also, completion of the deal has been made subject to the additional condition that a majority of the shares actually voted at the special meeting of SPHX shareholders, other than those shares actually held by Lilly or the directors or executive officers of SPHX, be voted in favor of the transaction.

Both companies denied any wrongdoing, and said the settlement was intended to avoid further litigation costs. ...