Editing ImClone Systems (section)

==Takeover offer from Bristol-Myers Squibb, and subsequent bidding showdown==
On July 31, 2008, [[Bristol-Myers Squibb]] offered to take over ImClone for $60 a share cash.<ref name=":1">{{Cite news|last=Saul|first=Stephanie|date=2008-07-31|title=Bristol-Myers offers $4.5 billion to buy out ImClone|language=en-US|work=The New York Times|url=https://www.nytimes.com/2008/07/31/business/worldbusiness/31iht-bristol.4.14919603.html|access-date=2020-05-13|issn=0362-4331}}</ref> The offer was made by letter addressed to ImClone's chairman of the board, Carl Icahn.<ref name=":1" />

On September 10, 2008, an undisclosed company and CEO offered to take over ImClone for $70 a share, financing approach was not disclosed.<ref name=":2">{{Cite news|date=2008-09-10|title=ImClone gets second takeover bid|language=en-US|work=The New York Times|url=https://www.nytimes.com/2008/09/10/business/worldbusiness/10iht-imclone.4.16049172.html|access-date=2020-05-13|issn=0362-4331}}</ref> The offer was conditional on the results of a due diligence review of ImClone's business and technology by the undisclosed party, to be completed September 28, 2008.<ref name=":2" /><ref>{{Cite web|title=Icahn says he has $70-per-share offer for Imclone|url=https://www.mercurynews.com/2008/09/10/icahn-says-he-has-70-per-share-offer-for-imclone/|date=2008-09-10|website=The Mercury News|language=en-US|access-date=2020-05-13}}</ref>

On September 23, 2008, [[Bristol-Myers Squibb]] upped its offer to take over ImClone to $62 a share.<ref>{{Cite web|title=Bristol-Myers Boosts Imclone Bid|url=https://dealbook.nytimes.com/2008/09/23/bristol-myers-boosts-imclone-bid/|date=23 September 2008|website=The New York Times|language=en|access-date=2020-05-13}}</ref> In addition, Bristol threatened to take the offer to the share holders for a proxy battle with the intention of replacing the current Board of Directors headed by Carl Icahn.<ref>{{Cite book|last=Carlisle|first=Tobias E.|url=https://books.google.com/books?id=Nf38AwAAQBAJ&pg=PA173|title=Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations|date=2014-08-18|publisher=John Wiley & Sons|isbn=978-1-118-74796-4|pages=173|language=en}}</ref>

On October 6, 2008, ImClone agreed to be acquired by Eli Lilly for $6.5 billion ($70/share).<ref>{{Cite news|last=Pollack|first=Andrew|url=https://www.nytimes.com/2008/10/07/business/07imclone.html|title=Eli Lilly Agrees to Buy ImClone Systems for $6.5 Billion|date=2008-10-06|work=The New York Times|access-date=2020-02-21|language=en-US|issn=0362-4331}}</ref> On November 24, 2008, ImClone was formally acquired by Eli Lilly, with all NASDAQ IMCL shares tendered for $6.5 billion ($70/share). ImClone is now a fully owned subsidiary of [[Eli Lilly and Company]]. In 2014 a drug developed by ImClone, tumor angiogenesis inhibitor [[Ramucirumab|Cyramza]], was approved by the FDA for gastric cancer.<ref>{{cite web|title=FDA approves Cyramza for stomach cancer|url=https://www.fda.gov/NewsEvents/Newsroom/PressAnnouncements/ucm394107.htm|website=FDA NEWS RELEASE|publisher=U.S. Food and Drug Administration}}</ref> Lilly acquired the drug through its purchase of ImClone.<ref>{{cite web|title=Lilly's CYRAMZA™ (ramucirumab) Becomes First FDA-Approved Treatment for Advanced Gastric Cancer After Prior Chemotherapy|url=https://investor.lilly.com/releasedetail.cfm?ReleaseID=841466|website=Eli Lilly and Company Investor Relations|publisher=Eli Lilly and Company|access-date=14 November 2014}}</ref>