Merger of ImClone Systems, Eli Lilly clears waiting period hurdle

By Lisa Kerner

Charlotte, N.C., Nov. 5 - The Hart-Scott-Rodino waiting period has ended in the pending merger of ImClone Systems Inc. and Eli Lilly & Co., it was announced on Wednesday.

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

The offer ends at midnight ET on Nov. 20.

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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