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Lilly to Acquire ImClone Systems in $6.5 Billion Transaction
Date:10/6/2008

nd ImClone co-promotes ERBITUX in North America together with BMS. ERBITUX is indicated as both a single agent and with chemotherapy for certain types of colorectal cancers and as a single agent or in combination with radiation therapy for head and neck cancers. In 2007, worldwide sales of ERBITUX grew 18 percent to approximately $1.3 billion.

Benefits of the Transaction

A key strategic priority for Lilly is increasing the flow of high-quality, innovative new therapies. Today, Lilly has approximately 50 molecules in clinical development and the strongest mid-stage pipeline in its history. The company continues to evaluate and execute on opportunities to help bolster its pipeline, including the in-licensing of promising molecules and targeted acquisitions. The acquisition of ImClone adds late-stage assets, early- and mid-stage prospects, and the opportunity to generate additional value from ERBITUX. Importantly, it also supports the company's strategy to further increase its focus on biotechnology by increasing the proportion of its pipeline represented by biologics.

-- Broadens Lilly's current oncology product portfolio. The transaction will immediately enable Lilly to offer physicians and their patients a complementary portfolio of leading oncolytic agents and targeted therapies including GEMZAR(R), ALIMTA(R) and ERBITUX.

-- Strengthens Lilly's oncology pipeline and biotech capabilities. Lilly has a rich history and deep expertise in oncology which will be augmented by ImClone's culture of discovery. ImClone's pipeline adds several molecules in mid-to late-stage clinical development targeting virtually all major solid tumor types. These targeted therapies, three of which have the potential to be in Phase III in 2009, add to Lilly's own oncology pipeline of 13 compounds in clinical development. Lilly's biotech capabilities will be complemented and enhanced by ImClone's expertise in the scale-up and manufacturing of biologics. In addition,
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SOURCE Eli Lilly and Company
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