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

workforce and cost structure over time. At Lilly, we are taking the steps necessary to ensure our long-term success by becoming a leaner, more focused, more customer-oriented and more competitive company."

"Tippecanoe Laboratories has maintained a longstanding presence in the Lafayette community and has produced lifesaving medicines for patients and leading animal health products for more than a half-century," commented Frank Deane, Ph.D., president of Lilly manufacturing operations. "We are pleased to reach an attractive outcome that allows the site to remain in operation, maintains employment opportunities for almost 700 affected employees and allows both Lilly and the state of Indiana to continue to benefit from the site's capacity and technical capabilities," he said.

The deal also ensures continuous supply of API to Lilly through a multi-year partnership. Through this arrangement, Evonik will manufacture final bulk and intermediate-step API for human and animal health products and also provide environmental services for Lilly.

"The acquisition of Tippecanoe Laboratories enables us to meet the growing demand for intermediates and active pharmaceutical ingredients in the pharmaceutical industry and substantially boosts our global exclusive synthesis business," said Dr. Klaus Engel, chief executive officer of Evonik Industries. "The pharmaceutical market is attractive, economically stable, and produces growth rates near the double-digit range every year."

Subject to certain closing conditions, the companies plan for the transaction to close by the end of 2009. Upon closing, Evonik will assume control of the Tippecanoe site and its operations.

As a result of this transaction, Lilly will record a $.23 per share charge in the third quarter of 2009 related to asset impairments and restructuring. Lilly will provide an update to its 2009 financial guidance, including the impact from today's announcement, as part o
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SOURCE Eli Lilly and Company
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