Bristol-Myers might Scuttle ImClone bid.
Huet's comment was the latest in the recent verbal sparring since Bristol-Myers on July 31 made an unsolicited offer of $60 per share for ImClone, which has just one product on the market, the lucrative colon- and head-and-neck-cancer drug Erbitux. Days later, ImClone said the buyout offer "substantially undervalues" the company. Its chairman, activist billionaire investor Carl Icahn, was said to be personally against the deal. The week prior, ImClone said it was considering a buyout offer worth $70 per share--roughly $6.1 billion--from an unidentified large pharmaceutical company. The next day, Bristol-Myers reiterated its $60 per share offer, complaining in a letter to Icahn and ImClone's board of directors that ImClone officials had yet to talk to Bristol about its offer. Icahn then fired back that he had tried to reach Bristol-Myers CEO James N. Cornelius to discuss ImClone's position before making it public.
All of that seems to leave the next move up to the secret suitor, which has until this Thursday to review ImClone's books and decide whether to make a firm offer. ImClone shares closed the week down $5.89, or 9%, to $59.91. Bristol-Myers fell $1.24, or 6%, to $21.
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|Title Annotation:||TOP STORIES|
|Date:||Sep 22, 2008|
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