The proposed $34 price reflects a $2 per share increase and Lilly has said that this is its best and final offer. Indianapolis-based Lilly is keen to extend its ties with Icos, which it currently markets erectile dysfunction drug Cialis alongside.
The boards of directors of both companies have unanimously approved the revised merger agreement. Icos said its shareholders will vote on the new offer on December 26. The company will publish a new proxy statement before that vote, said a Lilly statement.
“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.