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HealthCor Management, which owns 5.2 percent of Icos Corp., said Monday it will vote against Eli Lilly and Co.’s sweetened offer of $34 per share for the maker of the erectile dysfunction drug Cialis.
HealthCor complained that Lilly’s second offer doesn’t compensate for improved financial projections for the Bothell, Wash., company, according to The Seattle Times.
Indianapolis-based Lilly boosted its original offer of $32 per share, or $2.1 billion, in December. Icos shareholders are scheduled to vote Jan. 25.
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