Lilly’s waiting period for shares of ImClone stock expires
NEW YORK The regulatory waiting period for Eli Lilly’s acquisition of ImClone Systems has ended, ImClone announced Wednesday.
The New York biotech said that the waiting period, mandated by the Hart-Scott-Rodino Antitrust Improvements Act of 1976, concerning Lilly’s tender offer for all outstanding shares of ImClone’s common stock, expired at 11:59 p.m. Eastern Standard Time Monday.
The expiration of the HSR waiting period satisfies one of the conditions to the tender offer, ImClone said.
Lilly announced in September that it would buy ImClone for $6.5 billion, or $70 a share, rejecting a $62-per-share offer by Bristol-Myers Squibb.
ImClone had said it received an acquisition offer, but did not disclose the buyer until then.
Bristol owns 16.6 percent of ImClone’s stock and collaborated with the company to produce the cancer drug Erbitux (cetuximab), which the Food and Drug Administration approved Oct. 31.
AHIMA applauds Barack Obama for campaign success
CHICAGO The American Health Information Management Association has congratulated Barack Obama on his election as president of the United States, calling for reform of the healthcare system.
“Given the president-elect’s strong statements in support of health information as a key to expanding healthcare coverage while improving quality and controlling costs‹most recently during his infomercial last week—AHIMA is understandably optimistic,” AHIMA chief executive officer Linda Kloss said in a statement. “We urge the Obama administration to pursue the imperative of a 21st century health information platform that offers providers, payers and patients the accurate, integrated and secure electronic information they need to make decisions of utmost importance.”
GlaxoSmithKline consolidates U.S. headquarters, announces layoffs of 1,000
PHILADELPHIA GlaxoSmithKline, the maker of Abreva, Aquafresh toothpastes, Nicorette, Sensodyne and Tums will cut its workforce by about 1,800 jobs and make Research Triangle Park in North Carolina its permanent North American headquarters, replacing the current U.S. headquarters in Philadelphia, reports said today.
GlaxoSmithKline has had duel headquarters in the United States since the merger between Glaxo Wellcome and SmithKline Beecham was finalized in 2000, The Wall Street Journal today reported.
Today, GSK said that it will cut 1,800 positions, laying off about 1,000 people and eliminating hundreds of vacant positions, reports said.
GSK’s global headquarters are in London. The company is currently in the midst of belt-tightening in many departments due to growing pressure from the quickly expanding generic drug market and a decline in drug sales.