Bristol-Myers Offers $4.5 Billion for ImClone

August 4, 2008
Chitra Sethi

Chitra Sethi, Managing Editor, BioPharm International

Bristol-Myers Squibb has proposed to acquire its cancer drug partner ImClone Systems in an all-cash deal worth around $4.5 billion.

Bristol-Myers Squibb (BMS, New York, NY) has proposed to acquire its cancer drug partner ImClone Systems (New York, NY) in an all-cash deal worth around $4.5 billion.

BMS currently owns approximately 17% of all outstanding shares of ImClone. The two companies have been partners since September 2001 in developing Erbitux, which is approved for treating advanced colorectal cancer and head and neck cancers. Besides Erbitux, ImClone is developing five experimental cancer drugs.

James Cornelius, the CEO of BMS, called the proposal "a full and fair offer" ImClone said in a statement that it had received the offer and is "studying the situation."

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