Eli Lilly begins tender offer for ImClone

By Lisa Kerner

Charlotte, N.C., Oct. 14 - Eli Lilly & Co. subsidiary Alaska Acquisition Corp. began its $70-per-share cash tender offer for all outstanding shares of ImClone Systems Inc., it was announced on Tuesday.

The offer is set to expire at midnight ET on Nov. 20, a Lilly news release said.

ImClone's board of directors recommended its shareholders accept the offer and tender their shares.

Previously, ImClone chief executive officer John H. Johnson said the $6.5 billion deal "delivers compelling and certain value" to his company's stockholders.

Lilly said the offer price is a $10 premium to Bristol-Myers Squibb Co.'s original offer of $60 per share and an $8 premium to its proposed tender offer price of $62. The offer by Bristol-Myers, a New York biopharmaceutical company, was valued at $4.7 billion.

ImClone is a biopharmaceutical company based in New York that develops targeted treatments for cancer.

Lilly is an Indianapolis-based pharmaceutical company.

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