ImClone: Mystery Suitor to Decide This Week

ImClone (IMCL) said Monday that the mystery bidder that has flirted with paying $70 a share for the company will make up its mind by Wednesday.

The company will either make a firm offer or withdraw by that deadline. ImClone said it will divulge the mystery suitor's name if it withdraws its proposal, according to an ImClone release.

Last week, Bristol-Myers Squibb ( BMY) went hostile with its own bid for the company, raising it to $62 a share and going directly to shareholders.

ImClone Chairman Carl Icahn dismissed the hostile tender offer as "misleading" and "absurd."

TheStreet.com BioTalk: IMCL, BMY

Investors, and no doubt Bristol Myers, will now wait to hear from the veiled third party.

ImClone is best known for its Erbitux cancer drug, which Bristol-Myers sells in the U.S. German company Merck KGaA sells the drug in Europe.

ImClone shares closed at $63.38 Friday.

More from Stocks

Danica Patrick's Final Race at 2018 Indianapolis 500: What She Thinks About Cars

Danica Patrick's Final Race at 2018 Indianapolis 500: What She Thinks About Cars

Why The FANG Stocks' Dominance May Not Be So Bad For The Market

Why The FANG Stocks' Dominance May Not Be So Bad For The Market

At End of May, Investors Signalling They May Stay Away

At End of May, Investors Signalling They May Stay Away

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Neel Kashkari: The Heart of Our Financial System Is More Radioactive Than Ever

Neel Kashkari: The Heart of Our Financial System Is More Radioactive Than Ever