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ImClone acquisition targeted by lawsuit

October 27, 2008

A shareholder in New York-based ImClone Systems Inc. has filed a lawsuit in an attempt to stop its pending acquisition by Eli Lilly and Co., according to a disclosure filed today with the U.S. Securities and Exchange Commission.

State-Boston Retirement System of Massachusetts and several individual ImClone shareholders claim the company provided too little information about the proposed $6.5 billion deal. ImClone also blocked competing acquisition offers, the suit claims.

Indianapolis-based Lilly beat out Bristol-Myers Squibb Co. to buy ImClone, which makes the cancer drug Erbitux and some experimental drugs.

The companies say the suit, filed Oct. 22 in New York State Supreme Court, is without merit.

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