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Lilly Commences Cash Tender Offer for ImClone Systems at $70 Per Share
Date:10/14/2008

eement, ImClone will become a wholly-owned subsidiary of Lilly.

The complete terms and conditions of the tender offer are set forth in the Offer to Purchase, Letter of Transmittal and other related materials which Lilly and Alaska Acquisition Corporation will file with the SEC on October 14, 2008. In addition, on October 14, 2008, ImClone will file with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC relating to the tender offer. Copies of the Offer to Purchase, Letter of Transmittal and other related materials, including the Solicitation/Recommendation Statement, are available free of charge from Georgeson, Inc., the information agent for the tender offer at (800) 262-1918 (toll free). Wells Fargo Bank N.A. is acting as depositary for the tender offer. The dealer manager for the offer is UBS Securities LLC.

About Eli Lilly and Company

Lilly, a leading innovation-driven corporation, is developing a growing portfolio of first-in-class and best-in-class pharmaceutical products by applying the latest research from its own worldwide laboratories and from collaborations with eminent scientific organizations. Headquartered in Indianapolis, Ind., Lilly provides answers -- through medicines and information -- for some of the world's most urgent medical needs. Additional information about Lilly is available at http://www.lilly.com . C-LLY

This press release contains forward-looking statements that are based on management's current expectations, but actual results may differ materially due to various factors. The company cannot guarantee that the merger described will close or that the company will realize anticipated operational efficiencies following any such merger with ImClone .The current credit market may increase the cost of financing the transaction. There are significant risks and uncertainties in pharmaceutical research and development and there can be no guar
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