This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Health Winners & Losers: Bristol, ImClone

Biotech stocks made good water cooler talk Thursday as a few prospective merger stories opened to new chapters.

A day after ImClone (IMCL) announced that a mystery shopper has bid $70 a share for the company, Bristol-Myers Squibb (BMY - Get Report) said it's standing by its own proposal. The company scorned ImClone for how the company handled and assessed the $60-a-share offer it made in July.

Bristol and ImClone appear to disagree on who owns the rights to a next-generation version of cancer drug Erbitux IMC-11F8 -- a crucial matter to both companies and any potential buyers.

Bristol shares were up $0.10, or 0.55%, at $21.80, while ImClone was down $0.98, or 1.44%, at $66.96.

In other drama, King Pharmaceuticals (KG) increased its bid for pain drug company Alpharma (ALO), offering to purchase all of the outstanding shares of its Class A Common Stock for $37 a share, up from $33. King said that Alpharma has privately rejected this bid, and it is prepared to take it directly to shareholders.

The new offer is a 67% premium to Alpharma's closing price on Aug. 4, the day of King's private written proposal to Alpharma, and a 54% premium over the closing price on Aug. 21, the last trading day before the public learned about the offer.

Meanwhile, Alpharma issued a statement urging shareholders not to take action until it can announce its official position. The board said it would review the proposal with its financial and legal advisors and make a recommendation within 10 business days.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
AGN $240.22 1.21%
BMY $64.66 0.00%
BIIB $386.22 0.00%
IMCL $5.50 0.00%
PDLI $6.87 0.00%

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs