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Biotech / Medical : Munch-a-Biotech Today -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (2236)	10/17/2006 8:28:37 AM
From: nigel bates	Read Replies (2) \| Respond to of 3158

They finally found someone in the company who could make a decision ?

To: scaram(o)uche who wrote (2236)	10/17/2006 8:56:16 AM
From: Doc Bones	Respond to of 3158

Lilly Sets Deal to Acquire Icos for About $2.1 Billion A WALL STREET JOURNAL ONLINE NEWS ROUNDUP October 17, 2006 8:42 a.m. Eli Lilly & Co. agreed to acquire Icos Corp., co-marketer of erectile-dysfunction drug Cialis, for about $2.1 billion. Under the terms of the deal, Icos shareholders will receive $32 in cash for each share of Icos's common stock. The bid represents an 18% premium to Icos's closing price of $27.09 Monday. Icos, of Bothell, Wash., and Lilly currently have a joint venture that makes, markets and sells Cialis. "Lilly's offer is very attractive for our shareholders and reflects the tremendous value ICOS has created," said Icos President and Chief Executive Paul Clark. "When Lilly approached us with its offer, our Board conducted a thorough and careful review, and unanimously concluded that this offer delivers immediate, compelling value to our shareholders," he said. Indianapolis-based Lilly said the deal, which is expected to close in late 2006 or early 2007, will reduce its 2007 earnings but will start adding to results in 2008. The company expects to take a one-time charge related to in-process research and development. In July, Lilly said sales of Cialis were $233.2 million, up 22%, in the second quarter. Merrill Lynch & Co. acted as financial adviser and Latham & Watkins LLP acted as legal adviser to Icos in connection with the deal. online.wsj.com