MANHATTAN (CN) – A shareholder class action in New York County Court aims to stop Eli Lilly from buying ImClone Systems for $6.5 billion. Lilly wants ImClone’s Erbitux to boost its thin line of cancer drugs.
The deal will add as much as $3 billion to Lilly’s corporate debt, according to analysts’ reports. Plaintiffs call it a coercive tender offer. Defendants in New York County Court include Carl Icahn and Lilly subsidiary Alaska Acquisition Corp.