Eli Lilly to Acquire ImClone for $6.5 Billion

October 8, 2008

The boards of directors of Eli Lilly and Company (Indianapolis, IN) and ImClone Systems, Inc. (New York, NY) have approved a definitive merger agreement under which Lilly will acquire ImClone through an all cash tender offer of $70.00 per share, or approximately $6.5 billion.

The boards of directors of Eli Lilly and Company (Indianapolis, IN) and ImClone Systems, Inc. (New York, NY) have approved a definitive merger agreement under which Lilly will acquire ImClone through an all cash tender offer of $70.00 per share, or approximately $6.5 billion.

The agreement follows ImClone’s rejection of Bristol-Myers Squibb’s (BMS, New York, NY) $4.5 billion all-cash offer that BMS made for ImClone in September ($60 a share, later raised to $62).

The combined oncology portfolio of the companies will target a broad array of solid tumor types including lung, breast, ovarian, colorectal, head and neck, and pancreatic, positioning Lilly to pursue treatments of multiple cancers.

This acquisition also expands Lilly's biotechnology capabilities, through
ImClone's expertise in the scale-up and manufacturing of biologics and its state-of-the art development and commercial manufacturing facility.

View Eli Lilly’s release

For more information on the BMS offer, see BioPharm’s previous news coverage.

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