Eli Lilly and Co. has signed a definitive merger agreement to acquire Hypnion, Inc., a neuroscience drug discovery company focused on sleep disorders. The transaction is expected to close by the end of the first quarter of 2007, contingent upon customary closing conditions. Financial terms of the agreement were not disclosed. “The acquisition of Hypnion provides Lilly with a broader and more substantive presence in the area of sleep disorder research,” said Steven M. Paul, M.D.,...