INDIANAPOLIS, Feb. 12 /PRNewswire-FirstCall/ -- Eli Lilly and Company announced today that the company completed its acquisition of Applied Molecular Evolution, Inc. (AME), whereby AME became a wholly owned subsidiary of Lilly. The acquisition was previously announced on November 21, 2003, and was approved by AME stockholders at a special meeting on February 11, 2004.
AME stockholders will receive $18 for each AME share in the form of cash, Lilly common stock or a combination of cash and Lilly common stock, based on elections made by AME stockholders and subject to the proration and adjustment mechanisms of the merger agreement. Today's closing price of Lilly common stock of $73.58 per share results in an exchange ratio of 0.2446 of a Lilly share per AME share for those AME stockholders receiving the stock consideration.
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 Indianapolis, Ind., Lilly provides answers -- through medicines and information -- for some of the world's most urgent medical needs. Additional information about Lilly is available at http://www.lilly.com/ .
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CONTACT: Terra L. Fox of Lilly, +1-317-276-5795