Eli Lilly acquires ImClone for $70 per share

By Lisa Kerner

Charlotte, N.C., Nov. 24 - ImClone Systems Inc. became a wholly owned subsidiary of Eli Lilly & Co. after Lilly completed its acquisition of the company through a short-form merger on Monday.

In October, Lilly announced it would acquire ImClone in a deal valued at approximately $6 billion.

Alaska Acquisition Corp., a subsidiary of the Indianapolis-based pharmaceutical company, completed its $70-per-share cash tender offer for ImClone on Thursday.

The acquisition is expected to broaden Lilly's portfolio of marketed cancer therapies and boost its oncology pipeline, a Lilly news release said.

John Johnson will remain chief executive officer of ImClone, a New York-based biopharmaceutical company.

© 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.