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Strategies & Market Trends : Speculating in Takeover Targets

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From: richardred	12/10/2004 1:47:31 AM
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Eli Lilly CEO Taurel: 'Our Company Is Not For Sale' Thursday December 9, 8:21 AM EST NEW YORK -(Dow Jones)- Eli Lilly & Co. (LLY) isn't for sale and a merger with another pharmaceutical company will not happen, said Sidney Taurel, chairman and chief executive. "Our company is not for sale," Taurel said on CNBC Thursday. The chief executive said that historically, mergers have not created shareholder value "in a sustainable fashion." Taurel, speaking minutes reaffirming fourth-quarter and full-year guidance, said his company's pipeline is healthy and that "we should be producing growth at the top end of our industry for the near future." The chief executive also addressed a Dec. 2 lawsuit Lilly filed in Indiana district court seeking to stop Barr Pharmaceuticals Inc. (BRL) from marketing the generic version of Zyprexa, Lilly's largest drug with sales of $233 million in the 12 months ended in September. "We really don't know when the judgment will come," Taurel said. Taurel also commented on the pharmaceutical industry's relationship with patients in the wake of Merck & Co. Inc.'s (MRK) pulling of its Vioxx drug, saying, "This is the most challenging period I've seen in my career." -By Alex Davidson, Dow Jones Newswires; 201-938-5394; alex.davidson@ dowjones.com Dow Jones Newswires 12-09-04 0821ET money.iwon.com

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