Alexa
  • Directory of Taiwan

ICOS shareholders approve $2.3B sale to Lilly

ICOS shareholders approve $2.3B sale to Lilly

Shareholders of ICOS Corp. approved a $2.3 billion (euro1.8 billion) buyout offer from Eli Lilly & Co., a deal that would combine the companies behind the impotence drug Cialis.
The transaction is expected to close Jan. 29.
ICOS said 77 percent of the shares voted in a special meeting favored the takeover.
In December, Lilly raised is offer to buy ICOS to $34 per share from its original proposal of $32 per share, or$2.1 billion (euro1.6 billion). The boards of both companies had already approved the revised deal.
"We are pleased that this transaction has been approved, as we believe it represents attractive value for ICOS shareholders," ICOS Chairman Paul Clark said in a statement.
Lilly has told the 700 employees at ICOS their jobs will be eliminated if shareholders approve the deal.
ICOS and Lilly formed a joint venture in 1998 to develop and sell Cialis, which was launched in 2003.
Shares of ICOS rose 22 cents to close at $33.97 on the Nasdaq Stock Market, and Lilly shares fell 20 cents to finish at $53.13 on the New York Stock Exchange.
___
On the Net:
http://www.icos.com/


Updated : 2021-10-22 22:42 GMT+08:00