Eli Lily & Co. Offers A Bigger Sum To Purchase Icos

In its bid to buy up Icos Corp., Eli Lilly has unexpectedly raised its offer of $2.1 billion or $32 per share to $2.3 billion or $34 per share recently and the boards of both companies have accepted the decision.

The principal reason behind Eli Lilly's attempt at purchasing Icos is to gain full control over the erectile dysfunction pill Cialis which Eli Lilly sales jointly with Icos Corp. Way back in 1998 the two companies clubbed together and set off on a joint venture to sell and develop the erectile dysfunction cure Cialis.

While Proxy Governance Inc. advises shareholders to accept the offer organizations like Institutional Shareholder Services and Glass Lewis & Co. comments that the deal would not be finalized at the end.

The shareholders of Icos Corp. are scheduled to gather on 19 th October and voice their opinion on the offer but the summit has been postponed till 25 th January.

Source: chron.com