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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 Quote) is ImClone's(IMCL Quote) 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. ...
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