ImClone Systems Announces Clearance of Tender Offer by German Federal Cartel Office
November 17, 2008
ImClone Systems Incorporated Eli Lilly and Company
The FCO's clearance follows the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR). ImClone has now satisfied the conditions to the tender offer relating to obtaining all necessary approvals under applicable antitrust, competition or other similar laws. Consummation of the tender offer remains subject to the tender of a majority of the outstanding shares of common stock of ImClone on a fully diluted basis and the satisfaction of certain other conditions.
About ImClone Systems
ImClone Systems Incorporated is a fully integrated global biopharmaceutical company committed to advancing oncology care by developing and commercializing a portfolio of targeted biologic treatments designed to address the medical needs of patients with a variety of cancers. ImClone's research and development programs include growth factor blockers and angiogenesis inhibitors. ImClone Systems' headquarters and research operations are located in New York City, with additional administration and manufacturing facilities in Branchburg, New Jersey. For more information about ImClone Systems, please visit the Company's web site at http://www.imclone.com.
Additional Information and Where to Find It
This announcement is for informational purposes only and does not constitute an offer to purchase or a solicitation of an offer to sell securities. The tender offer is being made pursuant to a tender offer statement on ScheduleTO (including the offer to purchase, letter of transmittal and other related tender offer materials) that was filed by Eli Lilly and Company and Alaska Acquisition Corporation with the Securities and Exchange Commission (SEC)on October 14, 2008. In addition, on October14, 2008, ImClone Systems Incorporated filed a Solicitation/Recommendation Statement on Schedule14D-9 with the SEC related to the tender offer. These materials, as they may be amended from time to time, contain important information, including the terms and conditions of the offer, that should be read carefully before any decision is made with respect to the tender offer.
Forward-Looking Information
Certain matters discussed in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those currently expected. Many of these factors are beyond the Company's ability to control or predict. For forward-looking statements in this news release, other than those statements that relate to the tender offer, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.