Cialis Maker Icos`s CEO Offers Explanation Against Accusation Of Deal Mismanagement

On being accused from critics that he is selling Icos Incl. at a comparatively cheaper price to Eli Lilly and garnering huge monetary benefits in the process, Paul Clark, the Chairman and Chief Executive of Icos Incl. voices strongly against the accusations and appeals to the shareholders to vote in favor of the big deal between Eli Lilly and Icos Incl.

In Icos`s Bothell headquarters, a meeting between the shareholders of Icos Corp. was held recently to discuss the issue of the deal and a face off interview followed the deal in which Clark expressed that he had no qualms about the way he and his associates dealt with the deal.

Against the allegation that the decision to agree with Lilly's offer of $32 a share was Paul Clark's arbitrary decision, the chief representative of Icos Corp. said that the decision was unanimously taken after a considerate analysis of Eli Lilly's offer in 17 meetings and it took the company one and a half year to approve Eli Lilly`s offer.

Paul Clark also rectified the report that 700 employees working for Icos Corp. had been sacked. He further added that 125 employees working in the contract manufacturing unit had been taken in the company for an indefinite period of time even after the closure of the deal and further made it clear that 60 sales representatives from Icos Corp. had also approached Eli Lilly for job prospects.

Source: http://seattletimes.nwsource.com