BMS offers $4.5 billion for ImClone

Notch a win for Carl Icahn's aggressive strategy in the biotech field [1]. Bristol-Myers Squibb is offering to pay $4.5 billion to buy ImClone Systems at $60 a share. That's a 40 percent premium over the past month's average and a sweet victory for Icahn, who had pushed and prodded [2] for a broad management shakeup. BMS and ImClone jointly market the blockbuster cancer drug Erbitux [3] and BMS already owns 17 percent of its partner.

There's no doubt who most needs to bless the deal. BMS CEO Jim Cornelius [4]wrote a letter to Icahn singing praises for the deal. "A full combination of BMS and ImClone is a natural fit for both our companies, and we are convinced our proposed price represents a full and fair offer for ImClone."

- read the story [5] in the Wall Street Journal

Related Articles:
Icahn: Biotechs must merge with Big Pharma [1]
Icahn takes control of ImClone as CEO departs [6]
Rumor mill: BMS positioning itself for sale [7]
Bristol-Myers Squibb's James Cornelius - CEO Pay [4]