INDIANAPOLIS (AP) -- Drugmaker Eli Lilly and Co. announced Tuesday that a subsidiary has started a tender offer for all outstanding shares of ImClone Systems Inc. at a price of $70 per share in cash.
Lilly said earlier this month it would pay a total of more than $6 billion for the cancer drugmaker. Lilly officials said their company's largest deal ever will help build its oncology portfolio and prepare for looming patent expirations.
Lilly's bid topped two previous offers from Bristol-Myers Squibb Co., which partnered with ImClone to develop and market the blockbuster drug Erbitux.
The board of New York-based ImClone has approved the purchase and recommended that shareholders accept the deal and tender their shares.
