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ICOS Investor To Vote Against Lilly Deal

A health-care investment firm with a major stake in biotechnology company ICOS Corp. said it would vote against Eli Lilly and Co.'s $2.1 billion bid to acquire ICOS.

HealthCor Group, which has a 5.03 percent stake in ICOS, said in a filing with the U.S. Securities and Exchange Commission last week that it "does not believe the consideration offered adequately compensates the company's shareholders for their interest in the company."

Lilly, which markets the erectile dysfunction drug Cialis with ICOS, said on Oct. 17 that it had agreed to buy ICOS for $32 per share. The bid represented an 18 percent premium over ICOS' closing price of $27.12 the day before the deal was announced.

ICOS shares were off 19 cents at $32.62 in late-morning Nasdaq trade on Monday.

The merger would give Lilly full ownership of Cialis amid a revival in the erectile dysfunction market, which was hurt last year by concerns that drugs to treat the condition could cause blindness.

HealthCor said in the filing that in a letter to ICOS' board mailed on Nov. 2, it said it believes ICOS' actual value is more than $40 per share.

The investment firm said it will continue to evaluate ICOS' financial condition and business and may buy or sell additional shares.

Source: http://today.reuters.com/news/