October 6, 2008 / 4:33 AM / 9 years ago

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

1 IN. DI LETTURA

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

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