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
Last week, ImClone Chairman
hostile tender offer for $62 a share as "misleading" and "absurd."
TheStreet.com BioTalk: IMCL, BMY
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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.
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
, the Journal reports.
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.