Bristol-Myers Squibb Comments on Eli Lilly as New Erbitux Marketing Partner

Will Receive $1 Billion Upon Completion of Transaction PRINCETON, N.J.--(BUSINESS WIRE)--Eli Lilly and Company (NYSE: LLY) announced today that it will acquire ImClone Systems (NASDAQ:IMCL) for $70 per share, or approximately $6.5 billion. Bristol-Myers Squibb currently owns approximately 16.6 percent of all outstanding shares of ImClone. Based on Bristol-Myers Squibb ’ s ownership of 14.4 million shares of ImClone, the transaction will be worth approximately $1 billion in cash to Bristol-Myers Squibb. “ We are pleased to have initiated a process that has resulted in the substantial increase of ImClone ’ s value for all of its stockholders, ” said James M. Cornelius, Chairman and Chief Executive Officer, Bristol-Myers Squibb. “ We are also proud to have contributed to this creation of value by providing commercial and R&D support to the company over the course of our relationship, which will continue now with Eli Lilly, a well-respected research organization. “ From the beginning, we had viewed our potential acquisition of ImClone as a strategically and financially sound add-on to our oncology business, consolidating a successful relationship that has extended over seven years. We felt it was in the best interest of Bristol-Myers Squibb shareholders not to raise our previous $62/share all cash offer, exercising discipline and evaluating this potential investment within the context of other alternatives open to the company. “ Looking ahead, we will work closely with Eli Lilly and Company, a company I know well, to continue to bring to patients not only ERBITUX ® , the important cancer therapy we co-commercialize in the U.S. and Canada with ImClone, and co-develop in Japan with Merck KGaA and ImClone, but other compounds, including IMC-11F8, under development by ImClone to which Bristol-Myers Squibb holds long-term marketing rights. ” About Bristol-Myers Squibb Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to extend and enhance human life. Bristol-Myers SquibbCommunications:Tracy Furey, 609-252-3208Brian Henry, 609-252-3337orInvestor Relations:John Elicker, 212-546-3775

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