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Lilly Completes Acquisition of ImClone Systems
Date:11/24/2008

INDIANAPOLIS, Nov. 24 /PRNewswire-FirstCall/ -- Eli Lilly and Company (NYSE: LLY) today announced that it has completed its acquisition of ImClone Systems Incorporated. ImClone Systems is now a wholly-owned subsidiary of Lilly.

"We are excited about the successful completion of the ImClone transaction, which will broaden Lilly's portfolio of marketed cancer therapies and boost Lilly's oncology pipeline with up to three promising targeted therapies in Phase III in 2009," said John Lechleiter, Ph.D., Lilly president and chief executive officer. "The acquisition also adds late-stage assets, early- and mid-stage prospects, and the opportunity to generate additional value from ERBITUX(R), a blockbuster targeted cancer therapy. We look forward to combining our talented teams and working together to improve outcomes for individual patients and building value for Lilly shareholders."

ImClone's chief executive officer, John Johnson, will retain his current position at ImClone after the acquisition and will report directly to Lechleiter. "I look forward to continuing to lead ImClone's dedicated employees in their efforts to discover and develop promising oncology therapies," commented Johnson. "We are excited with the potential to further accelerate our proprietary pipeline of novel antibodies by leveraging Lilly's global capabilities to bring these compounds to cancer patients around the world."

As previously announced, Lilly and ImClone entered into a merger agreement on October 6, 2008 pursuant to which Alaska Acquisition Corporation, a wholly- owned subsidiary of Lilly, commenced a tender offer to purchase all of ImClone's outstanding shares for $70.00 per share in cash. On November 21, 2008, Lilly successfully completed a cash tender offer for all outstanding shares of ImClone. As a result of the cash tender
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SOURCE Eli Lilly and Company
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