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Lilly to Sell Tippecanoe Manufacturing Site to Evonik Industries
Date:10/14/2009

INDIANAPOLIS, Oct. 14 /PRNewswire-FirstCall/ -- Eli Lilly and Company (NYSE: LLY) today announced the sale of its Tippecanoe Laboratories manufacturing facility to Evonik Industries AG, one of the world's largest chemical companies. The manufacturing site, located in Lafayette, Indiana, will remain in operation with a focus on producing high-quality active pharmaceutical ingredients (API) and specialty chemical and animal health products. In connection with the sale of the site, the two companies will also enter into a nine-year supply and services agreement, whereby Evonik will manufacture final and intermediate step API for certain Lilly human and animal health products. Approximately 700 current Lilly employees, representing all full-time non-contracted workers dedicated to the site, will be offered employment with Evonik. Financial terms of the deal were not disclosed.

The sale of Tippecanoe Laboratories is the culmination of Lilly's strategic review of the site that was announced in July 2008. The decision to sell the site is based upon a projected decline in utilization of the site due to several factors, including upcoming patent expirations on certain medicines made at the site, Lilly's strategic decision to purchase, rather than manufacture, many late-stage chemical intermediates, and the evolution of the Lilly pipeline toward more biotechnology medicines.

"Today's announcement represents a positive outcome for employees at the site, the Lafayette community and Lilly," said John Lechleiter, Ph.D., Lilly's chairman and chief executive officer. "We are confident in our decision to sell Tippe Labs to Evonik, as it is a well-established multinational company that will continue to operate the site and more fully utilize its capabilities."

Lechleiter continued, "These actions also support Lilly's goal to reduce our
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SOURCE Eli Lilly and Company
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