Eli Lilly and Co. confirmed that it will pay $6.5 billion to take over ImClone Systems, maker of cancer treatment Erbitux. The move allows Lilly to expand its pipeline as it prepares to counter generic competition for Zyprexa, a top-selling schizophrenia drug. Bristol-Myers Squibb said it expects to get about $1 billion by selling its shares in ImClone, but it will continue to co-market Erbitux in the U.S.

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Bloomberg, Reuters

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