Lilly closes $6.3B ImClone acquisition

Indianapolis-based Eli Lilly and Co. said today that it has closed its acquisition of ImClone Systems Inc., a New York-based developer of cancer drugs.

Lilly paid $70 in cash for each share of ImClone in a deal worth about $6.3 billion.

Lilly outbid New York rival Bristol-Myers Squibb Co., but analysts question whether Lilly will make enough money from the cancer drugs to make the expensive acquisition profitable.