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5,175,275 shares that were tendered pursuant to guaranteed delivery procedures) were validly tendered and not withdrawn in the tender offer, representing approximately 95.5 percent of ImClone's issued and outstanding shares.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
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
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
This press release contains forward-looking statements that are based on
Lilly management's current expectations, but actual results may differ
materially due to various factors. Lilly cannot guarantee that the transaction
described in this press release will close or that Lilly will realize
anticipated operational efficiencies following any such transaction with
ImClone. The current credit market may increase the cost of financing the
transaction. For additional information about the factors that affect Lilly's
and ImClone's respective businesses, please see Lilly's latest Form 10-K filed
Certain matters discussed in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although ImClone believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those currently expected. Many of these factors are beyond ImClone's ability to control or predict. For forward-looking statements in this news release, other than those statements that relate to the tender offer, ImClone claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
SOURCE Eli Lilly and Company