Fitch Places Eli Lilly's 'AA' IDR on Watch Negative on ImClone Merger (Business Wire)

Monday October 6, 4:29 pm ET NEW YORK--(BUSINESS WIRE)--Fitch Ratings has placed Eli Lilly and Co.'s (Eli Lilly) Issuer Default Rating (IDR) and outstanding debt ratings on Rating Watch Negative as follows: -- Senior unsecured debt 'AA'; The ratings apply to approximately $4.61 billion of outstanding debt. The rating action follows Eli Lilly's announcement of a definitive merger agreement for ImClone Systems Inc. (ImClone) for $70 per share or approximately $6.5 billion in cash. The agreement has received approval from the board of directors of both companies. Full shareholder approval awaits a formal tender offer currently being arranged. Currently, ImClone has only one commercialized pharmaceutical, Erbitux, licensed by Bristol Myers Squibb Inc. in the U.S. and Canada, and Merck KGaA outside the U.S. for the treatment of... [read full story]