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$LLY ... Eli Lilly: Sangamo Therapeutics enters into asset sales agreement with Eli Lilly and Astellas Pharma as Sangamo commences voluntary Chapter 11 proceedings(1,103.68) Sangamo Therapeutics, Inc. (SGMO) announces that it has entered into two separate asset sale agreements, one with Eli Lilly and Company (LLY) for Sangamo's capsid delivery platform, zinc finger platform, modular integrase platform and the prion disease program, ST-506, and another with Astellas Pharma Inc. for the Fabry disease program, isaralgagene civaparvovec, or ST-920. Concurrent with the execution of these asset sale agreements, Sangamo has commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware to facilitate a court-supervised reorganization, which is expected to include the auction of substantially all of Sangamo assets. To anchor the sale process, Lilly and Astellas will each serve as "stalking horse bidders" for the sale of the assets contemplated by their respective agreements. A stalking horse asset sale agreement establishes a strong baseline offer and is intended to help maximize value for all stakeholders through the Chapter 11 auction process. Certain other company assets, including the clinical-stage ST-503 program to treat chronic neuropathic pain, the giroctocogene fitelparvovec program to treat hemophilia A, and Sangamo's cell therapy and regulatory T cell (Treg) assets, are not included in either stalking horse bid, and are also expected to remain available to interested bidders at the auction. "Following a comprehensive review of available alternatives, we believe this process provides a clear framework to pursue value-maximizing transactions," said Sandy Macrae, Chief Executive Officer of Sangamo Therapeutics. "Our priority is to execute a disciplined and efficient sale process while supporting all of our stakeholders. We are also pleased to have signed agreements with two large pharmaceutical companies to serve as stalking horse bidders in the process, underscoring the strategic interest in our assets."