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Lilly Completes Cash Tender Offer for ImClone Systems
Date:11/21/2008

INDIANAPOLIS and New York, Nov. 21 /PRNewswire-FirstCall/ -- Eli Lilly and Company (NYSE: LLY) and ImClone Systems Incorporated (Nasdaq: IMCL) today announced the successful completion of the previously announced tender offer by Lilly's wholly-owned subsidiary, Alaska Acquisition Corporation, for all outstanding shares of ImClone at a price of $70.00 per share in cash. The offer expired at 12:00 midnight EST, on Thursday, November 20, 2008.

The depositary for the tender offer has advised Lilly and ImClone that, as of the expiration of the tender offer, approximately 85,401,945 shares (including 5,175,275 shares that were tendered pursuant to guaranteed delivery procedures) were validly tendered and not withdrawn in the tender offer, representing approximately 95.5 percent of ImClone's issued and outstanding shares. All validly tendered shares have been accepted for payment in accordance with the terms of the tender offer.

Lilly intends to complete the acquisition of ImClone through a short-form merger on or about Monday, November 24, 2008, in which all outstanding shares of ImClone common stock not purchased by Alaska Acquisition in the tender offer will be converted into the right to receive $70.00 net per share in cash.

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 Lil
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SOURCE Eli Lilly and Company
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