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

ImClone Continues Talks for Sale: Report

ImClone Systems (IMCL) is expected to announce Monday that it is continuing talks to sell itself to a major pharmaceutical company for about $6.1 billion, according to people familiar with the matter, the Wall Street Journal reports.

Last week, ImClone Chairman Carl Icahn dismissed Bristol-Myers Squibb's (BMY - Get Report) hostile tender offer for $62 a share as "misleading" and "absurd."

TheStreet.com BioTalk: IMCL, BMY

Icahn reiterated to Bristol-Myers Chairman James Cornelius that a large, unnamed pharmaceutical company has bid $70 a share, subject to due diligence until Sept. 28.

The Journal reports ImClone is expected to announce a deadline Monday by which it hopes to have a deal with its other suitor. The two sides remain in "deep discussions" and believe they can reach a resolution within days.

ImClone is best known for its Erbitux cancer drug, Bristol-Myers sells ImClone's Erbitux cancer treatment in the U.S.

ImClone hasn't identified the company it has been holding talks with but speculation has swirled around Pfizer (PFE - Get Report), the Journal reports. Eli Lilly (LLY - Get Report) also has been named as a possible suitor.

Shares of ImClone closed Friday at $63.38.

This article was written by a staff member of TheStreet.com.

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
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
BMY $65.16 0.00%
IMCL $3.80 0.00%
LLY $70.89 0.00%
PFE $34.59 0.00%
AAPL $132.65 0.00%

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs