Eli Lilly offers $70 a share for Imclone

ImClone had announced that its mystery bidder would be revealed by Wednesday night at 11:59, and now the news is out. Pharma giant Eli Lilly has bid $6.1 billion, at $70 a share, according to a report in the Wall Street Journal. Insiders say Pfizer was also among BMS's competition, although the details of its bid have not be revealed. Eli Lilly has just before midnight tonight to make a decision.

Both Eli Lilly and Pfizer have been vocal about their desire to beef up their biotech pipelines. In a recent speech, Lilly chairman and CEO John Lechleiter (photo) reiterated the company's focus on biologics, saying that biotech drugs would be Lilly's preferred choice from now on. And just yesterday Pfizer announced an R&D revamp, which includes a greater focus on biologics.

- read this report for more