Eli Lily to acquire ImClone Systems Inc.

Published: Oct. 6, 2008 at 3:58 PM INDIANAPOLIS, Oct. 6 (UPI) -- Eli Lilly and Co. said Monday it had reached an agreement to purchase New York's ImClone Systems Inc., a leading cancer-drug company, for $6.5 billion. The $70 per share offer is a 51 percent premium above ImClone's closing stock price on July 30, the company said in a statement. "This strategic combination will create one of the leading oncology franchises in the biopharmaceutical industry," the statement said. ImClone's Chief Executive Officer John Johnson... [read full story]