Lilly completes tender offer for ImClone Systems

Lilly has announced the successful completion of all outstanding shares of ImClone Systems.

Purchased at a price of $70 (46.29 pounds) per share in cash, the offer expired at midnight on Thursday November 20th, meaning approximately 85.4 million shares were validly tendered and not withdrawn – accounting for 95.5 per cent of the company.

The organisation adds it intends to complete the acquisition of ImClone through a short-form merger today, in which the outstanding total will be bought.

In other news, Lilly has been announced as one of the three companies to win the Most Appreciated Pain Drug Company Survey.

Along with Endo Pharmaceuticals and Pfizer, 100 pain clinic physicians polled in September this year praised the organisations for their “knowledgeable, respectful and informed sales representatives”.

The companies were also hailed for their educational resources, sampling/voucher plans and drug products.

Based in Indianapolis, US, Lilly markets products in 143 countries.

The organisation employs approximately 40,217 employees worldwide, of which 7,946 are in research and development.

It conducts clinical investigations in more than 50 countries – of which eight have research and development facilities – and was founded on May 10th 1876.