Eli Lilly and Company and ImClone Systems Incorporated on November 21 announced the successful completion of the previously announced tender offer by Lilly's wholly owned subsidiary, Alaska Acquisition Corporation, for all outstanding shares of ImClone at a price of $70.00 per share in cash. The offer expired at 12:00 midnight EST, on Thursday, November 20.
The depositary for the tender offer has advised Lilly and ImClone that, as of the expiration of the tender offer, approximately 85,401,945 shares (including 5,175,275 shares that were tendered pursuant to guaranteed delivery procedures) were validly tendered and not withdrawn in the tender offer, representing approximately 95.5 percent of ImClone's issued and outstanding shares. All validly tendered shares have been accepted for payment in accordance with the terms of the tender offer.
Lilly intends to complete the acquisition of ImClone through a short-form merger on or about Monday, November 24, in which all outstanding shares of ImClone common stock not purchased by Alaska Acquisition in the tender offer will be converted into the right to receive $70.00 net per share in cash.
About Eli Lilly and Company
Lilly, a leading innovation-driven corporation, is developing a growing portfolio of first-in-class and best-in-class pharmaceutical products by applying the latest research from its own worldwide laboratories and from collaborations with eminent scientific organizations. Headquartered in Indianapolis, Ind., Lilly provides answers – through medicines and information – for some of the world's most urgent medical needs.
About ImClone Systems Incorporated
ImClone Systems Incorporated is a fully integrated global biopharmaceutical company committed to advancing oncology care by developing and commercializing a portfolio of targeted biologic treatments designed to address the medical needs of patients with a variety of cancers. ImClone's research and development programs include growth factor blockers and angiogenesis inhibitors. ImClone's headquarters and research operations are located in New York City, with additional administration and manufacturing facilities in Branchburg, N.J.
