Lilly Announces Completion of ICOS Corporation Acquisition
INDIANAPOLIS, Jan. 29: Eli Lilly and Company (NYSE:LLY) today announced that it has completed its acquisition of ICOS Corporation. As a result of closing the transaction, Lilly has acquired all of the outstanding shares of ICOS common stock at a price of $34 per share, for a total of approximately $2.3 billion.
"We are pleased to complete this acquisition of ICOS, and we are now in a position to bring the full value of Cialis(R) to Lilly and to continue providing the benefits of Cialis to men suffering from erectile dysfunction," said Sidney Taurel, Lilly chairman and chief executive officer. "We have had a very successful and productive relationship with our partners at ICOS and are now looking forward to taking this next step."
The impact of the acquisition to Lilly's financial statements will be included in the company's fourth quarter 2006 press release on January 31, 2007.
Lilly, a leading innovation-driven corporation, is developing a growing portfolio of first-in-class and best-in-class pharmaceutical products by applying the latest research from its own worldwide laboratories and from collaborations with eminent scientific organizations. Headquartered in Indianapolis, Ind., Lilly provides answers - through medicines and information - for some of the world's most urgent medical needs. Additional information about Lilly is available at www.lilly.com.
FCMN Contact: mark.taylor@lilly.com
Source: Eli Lilly and Company
CONTACT: Phil Belt of Eli Lilly and Company, +1-317-276-2506
Web Site: www.lilly.com/
