Eli Lilly and Company Buys Majority of ImClone Systems Incorporated in Tender Offer

Drug developer Eli Lilly & Co. said Friday it completed a tender offer worth about $6 billion for ImClone Systems Inc., marking Lilly’s biggest buyout in the biotechnology industry. The company announced the $70-per-share tender offer in October. The bid topped two prior offers from Bristol-Myers Squibb Co., which is ImClone’s partner on the blockbuster drug Erbitux.

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