11. ImClone agrees to US$6.1bil takeover

BOSTON: ImClone Systems Inc has agreed to be acquired by Eli Lilly and Co for about US$6.1bil after rebuffing a sweetened takeover offer from Bristol-Myers Squibb, sources familiar with the situation said yesterday. The agreement, which values ImClone at US$70 per share, has been approved by the boards of both ImClone and Eli Lilly, sources said. ImClone shares closed on Friday at US$64.96. Last week, Eli Lilly made a formal offer to buy ImClone, which makes the cancer drug Erbitux, for US$70 a share, topping Bristol-Myers’ offer of US$62 per share for the 83% of ImClone it does not already own. After rejecting Bristol-Myers, ImClone... [read full story]