In 1998, Eli Lilly formed a joint venture with Icos Corporation (ICOS), a Bothell, Washington-based biotechnology company, to develop and commercialize Cialis, a product for the treatment of erectile dysfunction. In October 2006, Lilly announced its intention to acquire Icos for $2.1 billion, or $32 per share. After its initial attempt to acquire Icos failed under pressure from large institutional shareholders, Lilly revised its offer to $34 per share. Institutional Shareholder Services (ISS), a proxy advisory firm, advised Icos shareholders to reject the proposal as undervalued, but the buyout was approved by Icos shareholders and Lilly completed its acquisition of the company on January 29, 2007. Lilly closed Icos manufacturing operations, terminated nearly 500 Icos employees, and left 127 employees working at the biologics facility. In December 2007, CMC Biopharmaceuticals A/S (CMC), a Copenhagen, Denmark-based provider of contract biomanufacturing services, bought the Bothell-based biologics facility from Lilly and retained the existing 127 employees.