Log In | Register
0 Comments
Printadvertisement
WHAT HAPPENED: Indianapolis-based drug maker Eli Lilly & Co. is buying the biotech firm ImClone Systems Inc. for more than $6 billion.
DEAL SPECIFICS: Lilly agreed to pay $70 per share in an all-cash offer it will finance with as much as $3 billion in debt.
WHO GETS WHAT: Lilly would boost its cancer portfolio, which already contains the drugs Alimta and Gemzar, by gaining access to ImClone blockbuster Erbitux and some promising drugs in development.
Former rival bidder Bristol-Myers Squibb Co. could receive up to $1 billion for its 14 million ImClone shares.
ImClone Chairman Carl Icahn gets a per-share offer for his company that is nearly double the $36 per share offer he opposed two years ago.
WHAT'S NEXT: Possible deal closing in the fourth quarter or early next year.
© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
0 Votes- Enjoy this article? Help vote it up the 'Vine.
Published to:
- The Associated Press's Column, All of Newsvine
- Groups: none
- Regions: United States
 | Eli Lilly to buy ImClone for more than $6B | Associated Press | Mon Oct 6 | 0 |
- Public Discussion (0)
{"canLink":false,"threadId":0,"isPrivate":false}
You're in Easy Mode. If you prefer, you can use XHTML Mode instead. |
As a new user, you may notice a few temporary content restrictions. Click here for more info.
Start Tracking
Stop TrackingCOMPANY STUFF:
LEGAL STUFF:
- © 2005-2009 Newsvine, Inc. |
- Newsvine® is a registered trademark of Newsvine, Inc. |
- Newsvine is a property of
