Bristol-Myers Deal Gives ImClone Execs a Big Payday

The biggest winners in Wednesday's $2 billion deal between Bristol-Myers Squibb(BMY Quote) and ImClone (IMCL Quote) might just be ImClone's top executives.

ImClone's CEO Sam Waksal and his brother and COO Harlan Waksal will reap tens of millions of dollars from the Bristol-Myers deal, thanks to sweetheart loans from their company enabling them to exercise stock options in July for shares they can now sell at a huge premium.

Bristol-Myers will spend $1 billion to acquire 14.4 million shares, or 20% of ImClone's common shares through a tender offer to the company's shareholders. The tender offer values ImClone at $70 a share, a 40% premium to its Tuesday closing price of $50 a share. ...