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Under a definitive merger agreement, Eli Lilly and Company will acquire ImClone Systems, Inc. (New York) in a cash tender offer of approximately $6.5 billion.
Indianapolis, IN (Oct. 6)-Under a definitive merger agreement, Eli Lilly and Company will acquire ImClone Systems (New York) in a cash tender offer of approximately $6.5 billion. ImClone develops novel oncology products, most notably its “Erbitux” (cetuximab) therapeutic for head and neck cancer, which is marketed with its partners Merck KGaA (Darmstadt, Germany) and Bristol-Myers Squibb (New York).
Lilly will combine ImClone’s expertise in oncology with its own in the areas of solid-tumor cancers. The agreement will also provide Lilly with greater capabilities in developing biomolecules and increase its biotechnology (antibodies) capacity.
“By bringing together ImClone's and Lilly's marketed oncology products, pipelines, and biotech capabilities, we are taking a very important step forward in addressing the challenges of patent expirations we will face early in the next decade, said John C. Lechleiter, PhD, Lilly president and CEO.
To help meet these challenges, Lilly is placing hopes in three of ImClone’s fully human monoclonal antibody products that could potentially pass to Phase III testing next year. IMC-1121B targets the VEGF receptor for the treatment of metastatic breast cancer, melanoma, renal, liver, ovarian, and prostate cancers. IMC-A12 targets the insulin-like growth factor-1 receptor toward the treatment of breast, prostate, pancreatic, colon, liver, and head and neck cancers. And IMC-1148 targets the epidermal growth factor receptor for treating colorectal cancer.
Read PharmTech’s related blog post.