Summary
Eli Lilly & Company (LLY) has officially completed its acquisition of ImClone Systems Incorporated. The acquisition was finalized on November 24, 2008, following a successful cash tender offer where approximately 95.5% of ImClone's shares were tendered at $70.00 per share. This transaction makes ImClone a wholly-owned subsidiary of Lilly. The total cost for this acquisition amounts to approximately $6.26 billion, funded through Lilly's existing cash reserves and proceeds from commercial paper issuances. Following the merger, ImClone's shares have ceased trading on the NASDAQ Global Select Market, and an application to terminate their registration under the Securities Exchange Act of 1934 has been filed. Investors should note that detailed financial statements and pro forma information related to this acquisition will be filed by amendment at a later date.
Key Highlights
- 1Eli Lilly & Company completed the acquisition of ImClone Systems Incorporated on November 24, 2008.
- 2The acquisition was a two-step transaction involving a cash tender offer followed by a merger.
- 3Lilly acquired ImClone shares at a price of $70.00 per share.
- 4Approximately 95.5% of ImClone's outstanding shares were tendered in the offer.
- 5The total consideration paid by Lilly for the acquisition was approximately $6.26 billion.
- 6The acquisition was funded through available cash and commercial paper issuances.
- 7ImClone has become a wholly-owned subsidiary of Lilly, and its shares have delisted from NASDAQ.