Navigation Links
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5,175,275 shares that were tendered pursuant to guaranteed delivery procedures) were validly tendered and not withdrawn in the tender offer, representing approximately 95.5 percent of ImClone's issued and outstanding shares.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 Lilly is available at www.lilly.com . C-LLY

About ImClone Systems Incorporated

ImClone Systems Incorporated is a fully integrated global biopharmaceutical company committed to advancing oncology care by developing and commercializing a portfolio of targeted biologic treatments designed to address the medical needs of patients with a variety of cancers. ImClone's research and development programs include growth factor blockers and angiogenesis inhibitors. ImClone's headquarters and research operations are located in New York City, with additional administration and manufacturing facilities in Branchburg, New Jersey. For more information about ImClone, please visit ImClone's web site at http://www.imclone.com .

This press release contains forward-looking statements that are based on Lilly management's current expectations, but actual results may differ materially due to various factors. Lilly cannot guarantee that the transaction described in this press release will close or that Lilly will realize anticipated operational efficiencies following any such transaction with ImClone. The current credit market may increase the cost of financing the transaction. For additional information about the factors that affect Lilly's and ImClone's respective businesses, please see Lilly's latest Form 10-K filed February 2008 and Form 10-Q filed November 2008, and please see ImClone's latest Form 10-K filed February 2008 and Form 10-Q filed November 2008, respectively. Any provisions of the Private Securities Litigation Reform Act of 1995 that may be referenced in such filings are not applicable to any forward-looking statements made in connection with the offer.

Certain matters discussed in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although ImClone believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those currently expected. Many of these factors are beyond ImClone's ability to control or predict. For forward-looking statements in this news release, other than those statements that relate to the tender offer, ImClone claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.


'/>"/>
SOURCE Eli Lilly and Company
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. WWMR Announces Pain Clinic Physicians Most Appreciated Companies: Pfizer, Eli Lilly and Endo Pharmaceuticals
2. Lilly Contributes $11.1 Million to United Way Annual Campaign
3. Lilly Announces Launch of Color Differentiation System for Humalog(R) and Humulin(R) U-100 Insulin Products in the United States
4. Lilly and Amylin Enter Into Supply Agreement for Exenatide Once Weekly
5. Lilly to Take Charge to Earnings Related to Pending Federal and State Investigations of Past Practices
6. Lilly Declares Fourth-Quarter Dividend
7. Douglas Oberhelman Elected to Lilly Board of Directors
8. Lilly Commences Cash Tender Offer for ImClone Systems at $70 Per Share
9. Lilly Recognized as One of the Worlds Top Biopharmaceutical Employers
10. Update: The Lilly TB Drug Discovery Initiative Begins Work on New Compounds to Fill Early-Stage TB Drug Pipeline
11. The Lilly TB Drug Discovery Initiative Begins Work on New Compounds to Fill Early-Stage TB Drug Pipeline
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/25/2016)... , ... May 25, 2016 , ... Scientists at the ... options being tried for mesothelioma may be hampering the research that could lead to ... Click here to read it now. , The team evaluated 98 ...
(Date:5/25/2016)... , ... May 25, 2016 , ... ... Food and Drug Administration (FDA) has granted the company’s orphan drug designation request ... second orphan drug designation granted by the FDA. , Spinocerebellar ataxia is ...
(Date:5/24/2016)... ... ... Last week, Callan Capital, an integrated wealth management firm specializing in asset ... Diego Life Science event at the Estancia La Jolla Resort and Spa. , Over ... Dr. Rich Heyman, former CEO of Aragon and Seragon, and Faheem Hasnain, former CEO ...
(Date:5/23/2016)... ... May 23, 2016 , ... PrecisionAg® ... Farming in 2017 and Beyond. The paper outlines the key trends that are ... industry. , “We’ve witnessed a lot of highs and lows as the precision ...
Breaking Biology Technology:
(Date:3/31/2016)... Florida , March 31, 2016 ... ) ("LegacyXChange" or the "Company") LegacyXChange ... potential users of its soon to be launched online ... ( https://www.youtube.com/channel/UCyTLBzmZogV1y2D6bDkBX5g ) will also provide potential ... use of DNA technology to an industry that is ...
(Date:3/29/2016)... Florida , March 29, 2016 ... the "Company") LegacyXChange "LEGX" and SelectaDNA/CSI Protect are pleased ... in ink used in a variety of writing instruments, ... Buyers of originally created collectibles from athletes on LegacyXChange ... forensic analysis of the DNA. Bill ...
(Date:3/22/2016)... March 22, 2016 ... Sensors Market for Consumer Industry by Type (Image, ... Application (Communication & IT, Entertainment, Home Appliances, ... Forecast to 2022", published by MarketsandMarkets, the ... to reach USD 26.76 Billion by 2022, ...
Breaking Biology News(10 mins):