B-MS backs off higher offer for ImClone
Following Eli Lilly's $70-a-share counter bid for US biotechnology firm ImClone, Bristol-Myers Squibb, which had been trying to gain control of the company with a sweetened $62 per share off, has said it will no longer pursue this aim. However, it noted that its current holding of 16.6%, or 14.4 million shares in ImClone, will be worth around $1.0 billion to the New York-based drug major.
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