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.

Last week, ImClone Chairman Carl Icahn dismissed Bristol-Myers Squibb's ( BMY) hostile tender offer for $62 a share as "misleading" and "absurd."

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.
This article was written by a staff member of TheStreet.com.

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