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Executive Summary

LILLY LINKS WITH SPHINX: $72 MIL. PROPOSED BUYOUT announced by the two companies March 8 would make Sphinx Pharmaceuticals a wholly-owned subsidiary of Lilly. A letter of intent signed by the two firms calls for Lilly to pay $6 per share for the 12 mil. outstanding shares of Sphinx stock, excluding the 680,000 shares bought by Lilly for $4 mil. in October 1991. The initial equity investment was part of a collaborative research agreement focused on developing protein kinase C regulators. The proposed purchase is subject to the signing of a definitive agreement and approval by Sphinx shareholders.

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