Acquisition of ImClone: Rumors Still Abound (Update)According to sources close to the company, it is possible ImClone Systems Inc may be reporting further news regarding its continuing talks to sell itself to a major pharmaceutical concern for a price in the range of $ 6.1 billion dollars. The news was published by the Wall Street Journal.
09-29-2008 |
09:22 hs.
Author: Cate Kirby
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In a report published by the Wall Street Journal, the newspaper quoted unnamed sources close to ImClone Systems saying that possibly today, the biotech company would give out some information on its talks with a pharmaceutical company regarding the purchase of ImClone for some $ 6.1 billion dollars. The company – the name of which remains undisclosed – is supposed to have offered $ 70-per-share to overbid Bristol-Myers Squibb Co´s $ 62-per-share for the 83 percent of the company it doesn´t already own, making its bid worth some $ 4.7 billion dollars. Bristol-Myers made its original $ 60-per-share at the end of July, and raised it only last week. ImClone is expected to announce a deadline by which it hopes to have a deal with this other interested company, the paper said, citing unnamed sources close to the company. The two sides remain in "deep discussions" and believe they can reach a resolution within days, it added. It appears, said the paper, there is more than one company interested in acquiring ImClone – the two companies include Pfizer Inc and Eli Lilly & Co, neither of which could be reached for comment.
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