Report: Eli Lilly Looks To Make More Deals
INDIANAPOLIS (AP) ¿ Eli Lilly & Co. is ready to buy again, four months after closing its largest acquisition ever, the $6 billion-plus purchase of cancer drug maker ImClone Systems Inc.
Lilly Chief Executive John Lechleiter told The Wall Street Journal his company will pursue deals that cost between $5 billion and $15 billion but will shy away from bigger acquisitions.
The company also plans to stick to drugs, Lechleiter told the Journal, saying Lilly isn't interested in medical device or diagnostic companies.
He said Lilly wants to expand its animal-health business and also will consider the biotechnology sector.A run of major deals has swept through the drug industry this year. New York-based Pfizer Inc. said in January it agreed to buy Madison, N.J.-based rival Wyeth for $68 billion. Swiss pharmaceutical giant Roche paid $46.8 billion in cash to buy the 44 percent of California-based biotech pioneer Genentech that it didn't already own. Whitehouse Station, N.J.-based Merck & Co. will pay $41.1 billion to buy Kenilworth, N.J.-based Schering-Plough Corp.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV