UPDATE: Investors skeptical of $6.5B Lilly buy
Wall Street didn’t embrace Eli Lilly and Co. CEO John Lechleiter’s plan to acquire biotech firm ImClone Systems Inc., a maker of cancer drugs, for $6.5 billion. Lilly shares tumbled 5 percent today to less than $40 a share-a new 52-week low. One analyst called Lilly’s deal “an act of desperation” as the company struggles […]