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

Due to the takeover of Icos Corp. by Eli Lilly, Seattle is going to suffer tremendous losses in the biotechnology arena.

It became evident a few days back when Eli Lilly & Co. expressed their desire to spend a massive $2.1 billion and buy out Icos Corp., a company firmly based in Brothell at a sum of $2.1 billion. This recently struck deal between Eli Lilly and Icos Corp. has raised expectations of layoffs and also the possibility of Seattle being erased out from the market scene completely.

It has become a possibility that if Lilly-Icos deal gets approved by the shareholders, Seattle will face the dearth of biotechnology companies as from among the top 20 biotechnology companies the company will be left with none. The top 10 biotechnology companies include two from New Jersey , three from Maryland and four from Massachusetts . A total of seven biotechnology companies based in California find their place among the top 20 and they are respectively, Genentech, Amgen and Gilead Sciences.

Source: seattlepi.nwsource.com