Eli Lilly Picks Up ImClone For $6.5B

Law360, New York (October 6, 2008, 12:00 AM EDT) -- Eli Lilly and Co. will purchase biotechnology company ImClone Systems Inc. in an all-cash deal valued at around $6.5 billion, giving Lilly access to ImClone's blockbuster cancer treatment Erbitux and a host of other pipeline assets, the companies announced Monday.

Lilly will purchase ImClone's stock for $70 per share, a figure that represents a 51 percent premium on ImClone's closing stock price on July 30, the day before Bristol-Myers Squibb Co. publicly made an offer to acquire ImClone for $62 per share.

BMS, which owns around...
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