Lilly comes out on top with $70/share ImClone bid

Trumping a $62 per share bid first launched by Bristol-Myers Squibb in July, Eli Lilly has now agreed to acquire targeted cancer care company ImClone Systems for $70 per share (a 53% premium to ImClone's market average ten days prior to the initial Bristol announcement). The deal value for all of ImClone's 87mm outstanding shares and additional vested stock options is estimated at about $6.5bn. As of September 30, 2008, ImClone reported about $890mm in cash and cash equivalents.