BMS offers $4.5 billion for ImClone

Notch a win for Carl Icahn's aggressive strategy in the biotech field. 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 for a broad management shakeup. BMS and ImClone jointly market the blockbuster cancer drug Erbitux and BMS already owns 17 percent of its partner.

There's no doubt who most needs to bless the deal. BMS CEO Jim Cornelius 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 in the Wall Street Journal

Suggested Articles

LianBio aims to bring much-needed new drugs to China and serve as a partner for U.S. biotechs looking to expand into Asia.

Despite the setback, Fulcrum hailed the data as “very encouraging,” zeroing in on results from a pre-specified sensitivity analysis to make its case.

Bayer has struck a $425 million upfront deal to buy KaNDy in the belief its treatment for menopause-related hot flashes has blockbuster potential.