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Lilly acquires ICOS Corporation for $2.1 Billion

19 Oct 2006 - Eli Lilly and Company announced that it has signed a definitive merger agreement to acquire ICOS Corporation in a cash transaction. Under the terms of the agreement, Lilly will acquire all of the outstanding shares of ICOS common stock at a price of $32 per share, for a total of approximately $2.1 billion.
 
The board of directors of ICOS voted unanimously to approve the merger agreement and to recommend that its shareholders approve the transaction. The transaction is expected to close in late 2006 or early 2007. Closing is contingent upon approval by ICOS shareholders, clearance under the Hart-Scott- Rodino Anti-Trust Improvements Act and certain other closing conditions.