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The Deal: Eli Lilly & Company has agreed to acquire Icos Corporation for $32 per share in cash, or nearly $2.1 billion. The purchase price represents a premium of 32 percent over Icos' average closing price over the past 90 days. The Icos board has approved the transaction. The deal still requires regulatory clearance and approval from Icos shareholders. The companies expect the transaction to close late in 2006 or early in 2007.
