Hybritech shareholders approved the Lilly merger.

Terms call for Eli Lilly & Co. to pay $413 million for the San Diego-based monoclonal antibody technology company, which was formed in 1977 with $300,000 in capital. Lilly will operate Hybritech, which in 1984 recorded a first-ever net profit of $1.1 million, as a wholly owned subsidiary. Shareholders will receive a combination of cash, warrants for Lilly stock and contingent-payment units that are pegged to Hybritech’s future sales and gross profits.