Navigation Links
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 offer, Lilly, through Alaska Acquisition, acquired 85,401,945 shares (including 5,175,275 shares that were tendered pursuant to guaranteed delivery procedures), representing 95.5 percent, of ImClone's issued and outstanding shares. The merger was completed on November 24, 2008, when Alaska Acquisition was merged with and into ImClone.

As a result of the merger, all outstanding shares of ImClone common stock not purchased by Lilly in the tender offer were converted into the right to receive $70.00 per share in cash. Wells Fargo Bank, N.A., the paying agent for the merger, will mail instructions on how to surrender share certificates for the merger consideration to shareholders who did not tender their shares. As a result of the merger, ImClone shares will be delisted from the NASDAQ.

Lilly will take a one-time charge to earnings in the fourth quarter of 2008 for acquired in-process research and development associated with the merger. The amount of that charge has not yet been determined, but will be disclosed when available.

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

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 it will realize anticipated operational efficiencies following the merger with ImClone .The current credit market may increase the cost of financing the ImClone transaction. There are significant risks and uncertainties in pharmaceutical research and development. There can be no guarantees with respect to pipeline products that the products will receive the necessary clinical and manufacturing regulatory approvals or that they will prove to be commercially successful. The company's results may also be affected by such factors as competitive developments affecting current products; rate of sales growth of recently launched products; the timing of anticipated regulatory approvals and launches of new products; regulatory actions regarding currently marketed products; other regulatory developments and government investigations; patent disputes and other litigation involving current and future products; the impact of governmental actions regarding pricing, importation, and reimbursement for pharmaceuticals; changes in tax law; asset impairments and restructuring charges; acquisitions and business development transactions; and the impact of exchange rates. For additional information about the factors that affect the company's business, please see the company's latest Form 10-Q filed November 2008. The company undertakes no duty to update forward-looking statements.

(Logo: http://www.newscom.com/cgi-bin/prnh/20031219/LLYLOGO )


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

Related medicine news :

1. Lilly Receives NCQA Health Information Product Certification for Interactive Online Health Education Answers Program
2. Lilly Offers Free Health Guide, Available throughout State
3. Lilly and International Council of Nurses Win Partnership Award From the U.S. Chamber of Commerce Business Civic Leadership Center
4. Lilly Announces Major Donation of Insulin to International Diabetes Federations Life for a Child Program; Initial Focus Will Be on Sub-Saharan Africa
5. American Diabetes Association and Eli Lilly and Company Unite to Educate and Empower African-Americans with Diabetes
6. Teach For America and Lilly Launch Program to Match Lilly Employees with Teachers in Underserved Public Schools
7. Lilly to Sponsor Congressional Black Caucus Foundations Annual Legislative Conference
8. Lilly Set to Become First Pharmaceutical Research Company to Disclose Physician Payments
9. Lilly and Amylin Set Date and Time for Conference Call
10. Covance and Lilly Enter Into a Strategic R&D Collaboration
11. Covance Recognized for Outstanding Customer Service by Eli Lilly and Company
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/24/2016)... ... June 24, 2016 , ... Marcy was in a crisis. Her son James, eight, ... at his family verbally and physically. , “When something upset him, he couldn’t control his ... it. He would throw rocks at my other children and say he was going to ...
(Date:6/24/2016)... ... ... of Topricin and MyPainAway Pain Relief Products, join The ‘Business for a Fair Minimum Wage’ ... 2020 and then adjusting it yearly to increase at the same rate as the median ... floor does not erode again, and make future increases more predictable. , The company is ...
(Date:6/24/2016)... ... June 24, 2016 , ... Strategic ... Frederick area economy by obtaining investment capital for emerging technology companies. SCP ... that have already resulted in more than a million dollars of capital investment ...
(Date:6/24/2016)... ... June 24, 2016 , ... Finally, a bruise cream ... procedures, dermaka cream can be incorporated into the post-surgical treatment plans of a variety ... , dermaka cream is very effective for bruising and causes a rapid resolution ...
(Date:6/24/2016)... ... June 24, 2016 , ... Dr. Seema Daulat, a native Texan ... the South Lamar location as of July 13, 2016. , Dr. Daulat earned her ... medical student, she regularly volunteered at the Agape Clinic serving Dallas’ underprivileged community. , ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... FRANCISCO, Calif. , June 24, 2016 /PRNewswire/ ... ), a biopharmaceutical company developing novel therapeutics for ... unmet needs, today announced the closing of its ... of common stock, at the public offering price ... in the offering were offered by GBT. GBT ...
(Date:6/24/2016)... , June 24, 2016 The Academy ... of recommendations that would allow biopharmaceutical companies ... with entities that make formulary and coverage decisions, a ... "value" of new medicines. The recommendations address ... not appear on the drug label, a prohibition that ...
(Date:6/24/2016)... , June 24, 2016 According ... by Type (Standard Pen Needles, Safety Pen Needles), Needle ... GLP-1, Growth Hormone), Mode of Purchase (Retail, Non-Retail) - ... This report studies the market for the forecast period ... reach USD 2.81 Billion by 2021 from USD 1.65 ...
Breaking Medicine Technology: