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.
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), the Journal reports. Eli Lilly (LLY) also has been named as a possible suitor. Shares of ImClone closed Friday at $63.38.
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