ImClone Systems Incorporated (NASDAQ: IMCL) today announced that on
Monday, November 17, 2008, the German Federal Cartel Office (FCO)
granted clearance for the acquisition of all of ImClone’s common stock
at a price of $70.00 per share by Alaska Acquisition Corporation, a
wholly-owned subsidiary of Eli Lilly and Company (NYSE: LLY), pursuant
to the previously announced tender offer and Agreement and Plan of
Merger. The tender offer is scheduled to expire at 12:00 midnight, New
York City time, on November 20, 2008.
The FCO’s clearance follows the expiration of the waiting period under
the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR). ImClone
has now satisfied the conditions to the tender offer relating to
obtaining all necessary approvals under applicable antitrust,
competition or other similar laws. Consummation of the tender offer
remains subject to the tender of a majority of the outstanding shares of
common stock of ImClone on a fully diluted basis and the satisfaction of
certain other conditions.
About ImClone Systems
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 Systems’
headquarters and research operations are located in New York City, with
additional administration and manufacturing facilities in Branchburg,
New Jersey. For more information about ImClone Systems, please visit the
Company’s web site at http://www.imclone.com.
Additional Information and Where to Find It
This announcement is for informational purposes only and does not
constitute an offer to purchase or a solicitation of an offer to sell
securities. The tender offer is being made pursuant to a tender offer
statement on Schedule TO (including the offer to purchase, letter of
transmittal and other related tender offer materials) that was filed by
Eli Lilly and Company and Alaska Acquisition Corporation with the
Securities and Exchange Commission (SEC) on October 14, 2008. In
addition, on October 14, 2008, ImClone Systems Incorporated filed a
Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC
related to the tender offer.
