Bayer discontinues studies for Trasylol in non-CABG patients

Icos’ shareholders have given their approval to Eli Lilly’s attempt to merge the two companies by acquiring the rest of Icos’ outstanding shares.

Some 77 per cent of the outstanding shareholding complement voted for the merger at a special meeting held yesterday, with 19.2 per cent of the share base voting against Lilly’s offer.

Icos claims that the transaction is scheduled to close on January 29th, 2007, with a final agreed offer of $34 (17 pounds) per share. Paul Clark, chairman, chief executive officer and president of Icos, said the offer is in the best interests of shareholders as it represents “attractive value”.

“The value our employees have created is the result of years of innovation and hard work to build a highly skilled organisation that has produced a best-in-class product with nearly $1 billion in sales and achieved profitability in an industry where few companies ever do,” he remarked.

Earlier, Sidney Taurel, chairman and chief executive officer of Lilly, said that the merger would provide “financial and operational benefits” to both companies, with their previous strong relationship allowing for a “smooth integration of operation”.

One of the companies’ most successful collaborations has been through the Lilly Icos joint venture promotion of Cialis, the erectile dysfunction drug. Additionally, the two firms are working together on clinical trials for tadalafil, intended to be a treatment for pulmonary arterial hypertension.