ImClone Chairman Kies out as Icahn gains

ImClone Chairman David Kies has bowed to billionaire investor Carl Icahn's demands and resigned from his post along with board member William Crouse. Analysts applauded the move, saying it was likely to provide some stability to the biotech company, which has been buffeted by a series of adverse events. Icahn, though, is unlikely to be satisfied until he has seized control of the company with a new slate of directors. Interim CEO Joseph Fischer remains on Icahn's hit list as the big ImClone shareholder pushes the argument that Fischer knows next to nothing about running a drug development group. The news today helped ImClone stock, which jumped four percent to $31 a share.

- check out the report on the ImClone turmoil from The Washington Post

ALSO: The mystery bid recently made for ImClone Systems was made by Sanofi-Aventis, according to a report in The New York Times. Investor Carl Icahn, who owns 14 percent of ImClone, reportedly derailed the offer of $36 a share. Report