Eli Lilly and ImClone - Top 10 deals of 2008

Who: Eli Lilly
With: ImClone System
What: $6.5B buyout

Summary: After rejecting offers from Bristol-Myers Squibb, ImClone accepted Eli Lilly's $6.5 billion offer in October. Lilly outbid BMS more than 10 percent. The deal was announced just weeks after Lilly CEO John Lechleiter said the pharma company would make biotech drugs its preferred choice in the years to come. ImClone is best known for its blockbuster cancer biologic Erbitux, and also has a follow-up drug candidate in its pipeline. In a statement, Lilly said the deal would help it address the issues patent expirations would cause for the company over the next decade.