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: ImClone

The Nasdaq and Amex biotech indices were down 2.2% and 2.6%, respectively.

The Wall Street Journal reported late Wednesday that Eli Lilly (LLY - Get Report) is ImClone's (IMCL) mystery bidder. Later Wednesday, ImClone Chairman Carl Icahn said in a release that the mystery suitor made a proposal not subject to financing or further due diligence. Negotiations are reportedly under way and the company has requested that ImClone not reveal the bidder's name until negotiations are complete.

ImClone shares were trading up 35 cents, or 0.5%, at $65.70. Eli Lilly shares were down 30 cents, or 0.7%, at $43.39.

Shares of Bristol Myers Squibb (BMY - Get Report), which last week announced a hostile tender for ImClone at $62 a share, were down 10 cents, or 0.5%, at $20.69.

In other big biotech merger news, Roche reaffirmed that it's committed to a deal with Genentech (DNA). Investor skepticism about the financing of the proposed $89 a share buyout has recently depressed the share price. Shares were up 20 cents, or 0.2%, at $86.70 in recent trading Thursday.

In pharma news, Merck (MRK) said Thursday that it is discontinuing the late-stage clinical development program for taranabant for obesity and will not seek regulatory approval for the drug in that indication. The company said that available phase III data showed that both efficacy and adverse events were dose related, with greater efficacy and more adverse events in the higher doses.

Lazard analysts said it was no surprise as the safety and efficacy from taranabant's drug class, which includes Sanofi Aventis' Zimulti, for example, have disappointed. Merck's shares were off by 25 cents, or 0.8%, at $31.84.

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
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 $65.80 0.00%
IMCL $3.00 0.00%
LLY $71.58 0.00%
RODM $25.94 0.00%
SQNM $4.52 0.00%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs