Imclone rejects B-MS' $4.5B bid, says it has higher offer from mystery buyer
ImClone has rejected fellow US firm Bristol-Myers Squibb's $4.5 billion offer for the remaining 83% of the firm's shares that it does not own (Marketletter August 11). ImClone chairman Carl Icahn claims this is because he has received an offer from a "large pharmaceutical company" that is $10 per share higher than B-MS' $60 bid. The Wall Street Journal suggested Germany's Merck KGaA was the mystery buyer, since the purchase of ImClone would allow the firm to retain the 39% royalty it pays to ImClone on sales of Erbitux (cetuximab). Shares of ImClone jumped 7% to $67.94 per share on the news.
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