The depositary for the tender offer has advised Lilly and ImClone that, as of the expiration of the tender offer, approximately 85.40 million shares (including 5.17 million shares that were tendered pursuant to guaranteed delivery procedures) were validly tendered and not withdrawn in the tender offer, representing approximately 95.5% of ImClone’s issued and outstanding shares. All validly tendered shares have been accepted for payment in accordance with the terms of the tender offer.
Lilly intends to complete the acquisition of ImClone through a short-form merger on or about November 24, 2008, in which all outstanding shares of ImClone common stock not purchased by Alaska Acquisition in the tender offer will be converted into the right to receive $70 net per share in cash.