ImClone Systems drop bid to find a buyer

After failing to find a buyer willing to pay ImClone Systems what it believes it's worth, the drug developer took itself off the market today. News of the reversal sent its stock down by more than 11 percent. The company, notorious for its involvement in the Martha Stewart trading scandal, also said it would invite Carl Icahn to join the board of directors. Icahn controls about 10 percent of the company's stock. ImClone officials insist that they are well positioned for the future, with good prospects in its pipeline and higher revenue coming in from Erbitux.

- check out the report on Imclone from TheStreet.com