ImClone, Eli Lilly merger gets nod from German regulator

By Susanna Moon

Chicago, Nov. 17 - ImClone Systems Inc. said the German Federal Cartel Office granted clearance for the acquisition of all of ImClone's common stock for $70.00 per share by Alaska Acquisition Corp., a wholly-owned subsidiary of Eli Lilly & Co., in the previously announced tender offer and merger agreement.

The tender offer will expire at midnight ET on Nov. 20.

The clearance follows the expiration of the Hart-Scott-Rodino waiting period, announced on Nov. 5.

ImClone said it has now satisfied tender conditions requiring approvals for antitrust or competition laws. Completion of the offer still requires the tender of a majority of outstanding ImClone stock.

Alaska Acquisition began its $70-per-share cash tender offer for all outstanding shares of ImClone on Oct. 14.

ImClone is a biopharmaceutical company based in New York that develops targeted treatments for cancer.

Lilly is an Indianapolis-based pharmaceutical company.

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