ImClone set to be acquired by Eli Lilly for $6.1 bln- sources

lunedì 6 ottobre 2008 06:29

BOSTON Oct 6 (Reuters) - ImClone Systems Inc IMCL.O has agreed to be acquired by Eli Lilly and Co (LLY.N: Quotazione) for about $6.1 billion after rebuffing a sweetened takeover offer from Bristol-Myers Squibb (BMY.N: Quotazione), sources familiar with the situation said on Monday.

The agreement, which values ImClone at $70 per share, has been approved by the boards of both ImClone and Eli Lilly, sources said.

The merger pact includes a so-called "no shop" provision that prevents ImClone from actively soliciting superior offers, sources said.

ImClone and Eli Lilly could not be immediately reached for comment. (Reporting by Toni Clarke; Writing by Jessica Hall; Editing by Kim Coghill) (For more M&A news and our DealZone blog, go to here)