August 1, 2008 |
Bristol-Myers Squibb Co. on Thursday offered $4.5 billion in cash for biotechnology company ImClone Systems Inc., saying the two, which are cancer drug partners, were "a natural fit." The proposal offers ImClone stockholders $60 a share, a 30% premium over the company's closing price of $46.44 on Wednesday. Bristol-Myers, the world's No. 14 drug maker by revenue, already owns about 17% of ImClone.
September 13, 2007 |
Biotechnology company ImClone Systems Inc. said Wednesday that it was "pure coincidence" that its new chief executive bought $500,000 of company stock just days before the value of the shares soared on positive news about ImClone's cancer drug Erbitux. John Johnson took the helm of ImClone on Aug. 27 after signing a four-year employment agreement with the New York-based company. Johnson on Sept. 7 paid $500,000 for 13,609 shares of ImClone at an average price of $36.74 each. The stock soared $6.
November 9, 2006 |
Martha Stewart Living Omnimedia Inc. said Wednesday that founder Martha Stewart was expected to pay about $5 million to settle a class-action lawsuit that alleged she lied about her sale of ImClone Systems Inc. shares in 2001. The total settlement is expected to cost $30 million, of which the company expects to pay about $15 million, its insurers about $10 million and Stewart the rest, the company said in its quarterly report filed with the Securities and Exchange Commission.
August 24, 2006 |
Billionaire investor Carl Icahn said that he wanted to be a member of ImClone Systems Inc.'s board and that the biotechnology company's chairman, David M. Kies, should not be reelected. Icahn, 70, said acting Chief Executive Joseph Fischer should be replaced by someone with a "significantly stronger background in biotechnology," according to a regulatory filing.
August 15, 2006 |
Carl Icahn increased his stake in ImClone Systems Inc. and hasn't yet decided whether to join the biotechnology company's board, according to a regulatory filing. The company, best known for its role in the Martha Stewart trading scandal, offered a board seat to the billionaire U.S. investor last week, after ImClone abandoned a six-month search for a buyer. Icahn, ImClone's second-biggest stockholder, raised his stake to 11.
January 25, 2006 |
ImClone Systems Inc. said it had hired investment bank Lazard Ltd. to explore the potential sale or merger of the company as competition for its colon cancer drug Erbitux heats up. Investors are skeptical that the New York-based company will easily find a buyer. Some analysts said the most obvious purchaser would be Bristol-Myers Squibb Co., which owns about 20% of ImClone and is in charge of the clinical development of Erbitux.