ImClone shareholders tender 95.5% of outstanding shares in Eli Lilly offer; merger could close Monday

By Lisa Kerner

Charlotte, N.C., Nov. 21 - Eli Lilly & Co. subsidiary Alaska Acquisition Corp. completed its $70-per-share cash tender offer for ImClone Systems Inc. on Thursday.

Approximately 85,401,945 shares, or 95.5% of ImClone's issued and outstanding shares, were validly tendered and not withdrawn in the offer.

The number includes 5,175,275 shares that were tendered under guaranteed delivery procedures, according to a Lilly news release.

Lilly, an Indianapolis-based pharmaceutical company, said it plans to complete the acquisition of ImClone through a short-form merger on or about Monday.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.