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Monday, October 06, 2008
Eli Lilly to Acquire ImClone for More Than $6B
FOXBusiness
Eli Lily (LLY) the Indianaoplis-based drugmaker, will purchase ImClone Systems (IMCL) for more than $6 billion. This deal would expand Eli Lilly’s arm of cancer treatment therapies.
WATCH: Eli Lilly CEO on Buying ImClone
Eli Lily plans to pay $70 per share for ImClone, making the deal worth approximately $6.5 billion. ImClone, which is based in New York, had turned down buyout offers from Bristol Myers Squibb (BMY) of $60 and $62. Bristol Myers Squibb previously partnered with ImClone for marketing the caner drug Erbitux.
Carl Icahn, billionaire investor and ImClone chairman, owns 14% of ImClone and has agreed to vote in favor of the Eli Lilly takeover.
