Lilly completes acquisition of Icos

Eli Lilly has announced that it has completed its acquisition of Icos, with Lilly purchasing all the outstanding shares in the company for a total of $2.3 billion (1.17 billion pounds), equivalent to $34 per share.

Lilly reports that its forthcoming fourth quarter and full year financial statements to be published at the end of this month will include the impact of this acquisition.

Sidney Taurel, chairman and chief executive officer, said: “We are pleased to complete this acquisition of Icos and we are now in a position to bring the full value of Cialis to Lilly and to continue providing the benefits of Cialist to men suffering from erectile dysfunction.”

He added that Lilly had engaged in a productive partnership with Icos and was positively anticipating a progression in this relationship.

Last month, Lilly announced that it had increased its offer for Icos from $32 per share to $34 per share, a bid described as its final and best offer for the company.

At a special meeting of its shareholders held last week, 84.9 per cent of the shares voted regarding the merger proposal, with 77 per cent of the votes cast in favour of the company’s acquisition by Lilly.