10/07/08 06:36 AM
Eli Lilly wins ImClone
INDIANAPOLIS (AP) — Eli Lilly & Co. said Monday it would pay $70 per share — more than $6 billion — for New York-based cancer drugmaker ImClone Systems.
The Indianapolis drugmaker’s bid topped two previous offers from Bristol- Myers Squibb Co., which partnered with ImClone to develop and market the blockbuster drug Erbitux.
Bristol-Myers stands to pocket about $1 billion for its 14 million Im- Clone shares.
The drug maker gets 61 percent of the North American revenue from Erbitux and splits sales three ways with ImClone and Merck & Co. in Japan.
