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Lilly to Buy ImClone for $6.5 Billion

Stock quotes in this article: LLY , IMCL , BMY  

Updated from 9:50 a.m. EDT

ImClone Systems (IMCL Quote) has agreed to be acquired by Eli Lilly (LLY Quote) for about $6.5 billion.

The agreement follows ImClone's rejection of a sweetened takeover offer from Bristol-Myers Squibb (BMY Quote). Bristol-Myers last week announced its intent to go hostile with its bid for ImClone, raising its offer to $62 a share and going directly to shareholders.

The Eli Lilly agreement, which values ImClone at $70 a share, has been approved by the boards of both ImClone and Eli Lilly. Shares of ImClone, which makes the cancer drug Erbitux, were rising 2.6% to $66.67 in recent trading. ...

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