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Lilly’s Buyout Of ImClone Challenged

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.

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