Review period on Lilly's buyout of ImClone ends

NEW YORK - Antitrust regulators have approved Eli Lilly and Co.'s buyout of ImClone Systems Inc., the biotechnology company said Wednesday, following the expiration of a mandatory review period.

ImClone said a Federal Trade Commission waiting period required by the Hart-Scott-Rodino Antitrust Improvements Act had expired.

Lilly offered in early October to buy ImClone for more than $6 billion, or $70 per share. It has already started a tender offer for ImClone shares, and needs 50 percent of ImClone stock to be tendered to close the deal.

In morning trading, ImClone stock dipped 5 cents to $69.55, and Lilly shares gave up 20 cents to $34.95.

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