Bristol-Myers Goes Hostile On ImClone
Forbes.com Staff 09.22.08, 8:17 PM ET
Bristol-Myers Squibb is done waiting for Carl Icahn to come to the table over ImClone.
Bristol-Myers said Monday night that it will commence a tender offer of $62 a share for the biotech company, or $4.7 billion--$2 a share more than a prior offer that ImClone's board rejected as too low.
In a letter to Icahn, ImClone’s chairman, James Cornelius, Bristol-Myers’ chairman and CEO, expressed frustration that there has “not been any meaningful dialogue” between the two companies since Bristol’s initial offer was made nearly two months ago.
“These delays, combined with ImClone's lack of transparency, have created a protracted period of uncertainty among your stockholders, employees and other constituents which could hurt the intrinsic value of ImClone’s assets,” Cornelius said. “Particularly in light of the current extraordinary market conditions, there needs to be an orderly and transparent process with a clearly delineated timeline in order to expedite a resolution of ImClone's future.”
ImClone (nasdaq: IMCL - news - people ) shares jumped 4.4% to $62 in after-hours trading.
Two weeks ago, Icahn said that an unnamed “large pharmaceutical company” had made an offer of $70 a share, or $6.1 billion, and would be conducting due diligence.
While it has several drugs in the pipeline, ImClone’s only current money maker is the cancer treatment Erbitux, which it markets jointly with Bristol-Myers in Canada and the U.S.
Bristol-Myers (nyse: BMY - news - people ) takes 61.0% of North American sales, while Germany's Merck (other-otc: MKGAY - news - people ) grabs 90.0% elsewhere.
Bristol-Myers also holds rights to any Erbitux-related compounds, including an improved Erbitux that it is being developed.
Bristol-Myers already owns 16.6% of ImClone stock.
作者:admin@医学,生命科学 2010-10-02 05:11