Eli Lilly has sweetened its offer for Seattle-based Icos by $200 million, raising its offer to $2.3 billion in hopes of damping down criticism that its original bid was too low. Icos investors are scheduled to consider the buyout offer--which was described as Lilly's last--on the day after Christmas. The offer raises Lilly's bid to $34 a share from $32.
"We are confident that Icos shareholders will recognize the substantial value and the certainty that Lilly is offering," said Sidney Taurel, Lilly chairman and
CEO, in a statement. "We believe this transaction delivers significant value to Icos shareholders, and it is our final offer."
- read Lilly's press release
- here's the report on the offer from The Indianapolis Star
ALSO: Lilly, meanwhile, is attempting to counter a story in The New York Times that it worked for years to hide safety problems associated with the schizophrenia drug Zyprexa. Times' writer Alex Berenson also reports that Lilly encouraged the use of Zyprexa for an unapproved indication. According to company materials, sales reps were urged to suggest that doctors prescribe Zyprexa for dementia. Article