Bristol-Myers Squibb pays 30% premium to buy rest of ImClone
Bristol-Myers Squibb pays 30%-40% premium to buy rest of ImClone
Drug major Bristol-Myers Squibb says that it is proposing to acquire the remainder of fellow USA-based ImClone Systems at an all-cash price of $60 a share, ImClone's closing price July 30 or a total of around $4.5 billion. B-MS already owns 17% of ImClone, with which its is partnered on the oncology drug Erbitux (cetuximab).
The offer, made on July 31 after the August 4 print issue of the Marketletter had gone to press, is a premium of 30% on ImClone's closing price July 30 and more than 40% on its one-month average trading level. Shares in ImClone leapt 40.7% to $65.33 in pre-market trading on Wall Street.
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