Boston pensioners move to block Lilly’s acquisition of ImClone

10/28/2008

NEW YORK After outbidding Bristol-Myers Squibb, Eli Lilly faces another challenge to its acquisition of ImClone, except this one is legal rather than monetary.

The State-Boston Retirement System of Massachusetts, a pension plan, has sued the Indianapolis-based drug maker, alleging that the $6.5 billion deal is unfair to ImClone’s shareholders.

The pension plan filed the lawsuit in the New York State Supreme Court on Wednesday, alleging that ImClone prevented other offers and did not provide stockholders with necessary information on the merger.

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