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Imclone Systems Company

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BUSINESS
October 16, 2002 | Thomas S. Mulligan, Times Staff Writer
NEW YORK -- ImClone Systems Inc. founder Samuel D. Waksal pleaded guilty Tuesday to insider trading, bank fraud and other crimes, but prosecutors said he still isn't cooperating in their widening probe of questionable stock transactions.
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BUSINESS
October 2, 2008 | From Bloomberg News
ImClone Systems Inc., the cancer drug maker controlled by billionaire Carl Icahn, said Wednesday that a pharmaceutical company had proposed acquiring it in a deal that was not subject to financing or further due diligence. The prospective buyer requested its name not be divulged yet, ImClone said. Earlier, the Wall Street Journal reported that Eli Lilly & Co. was in talks with ImClone. Lilly, based in Indianapolis, is facing generic competition to its $1.
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BUSINESS
September 6, 2002 | ABIGAIL GOLDMAN, TIMES STAFF WRITER
A congressional committee examining Martha Stewart's sale of ImClone Systems Inc. stock has found a possible new discrepancy in her account to investigators, a panel spokesman said Thursday. Stewart has said she and former ImClone Chief Executive Samuel D. Waksal did not speak between Dec. 14 and Jan. 5. But records from a rented mobile phone used by Stewart and an employee show a five-minute call to Waksal's personal mobile phone on Dec.
BUSINESS
August 5, 2008 | From the Associated Press
ImClone Systems Inc.'s board of directors said Monday that cancer drug partner Bristol-Myers Squibb Co.'s $4.5-billion buyout offer "substantially undervalues" the company, with Chairman Carl Icahn personally against the deal. Despite calling the bid too low, ImClone stopped short of rejecting it and said its board formed a committee to weigh the offer. The board also said it was considering splitting the company into two units to focus on Erbitux and its developing pipeline separately.
BUSINESS
June 9, 2003 | Thomas S. Mulligan, Times Staff Writer
Defense attorney J. Michael Nolan hasn't seen a witness list and he isn't familiar with the physical evidence or other details of the government's case, but he already knows what his final words to the jury would be: "If it wasn't Martha Stewart, do you think we'd be here?" That's the money line, and if Nolan were defending Martha Stewart, he'd build his whole case around it.
BUSINESS
June 13, 2002 | From Bloomberg News
Bristol-Myers Squibb Co. executive Brian Markison will be asked today about how he learned four days beforehand that regulators would reject a cancer drug developed by ImClone Systems Inc., Bristol-Myers' partner, said the chairman of the panel holding the hearing. The Food and Drug Administration on Dec. 28 rejected ImClone's application for Erbitux. Four days earlier, a FDA employee told a Bristol-Myers attorney Dec. 24 that the agency found the application flawed, said Rep. James C.
BUSINESS
March 6, 2004 | Thomas S. Mulligan and Walter Hamilton, Times Staff Writers
In a sweeping victory for the government, a federal jury Friday found Martha Stewart guilty of conspiracy, obstruction of justice and two counts of lying to investigators, a verdict that means the media entrepreneur almost certainly will serve prison time. Stewart, 62, who built a business empire on her sense of style in food, decorating and entertaining, is the first major figure convicted by a jury in the wave of corporate scandals involving such now-notorious names as Enron Corp.
BUSINESS
October 15, 2002 | Devlin Barrett, Associated Press
Samuel D. Waksal, the founder and former CEO of ImClone Systems Inc. and a friend of Martha Stewart, is expected to plead guilty today to multiple charges in the company's insider trading case, a law enforcement source told the Associated Press on Monday. Waksal faces federal charges of securities fraud, perjury, bank fraud and obstruction of justice. The source, who requested anonymity, would not say to which charges Waksal was to plead guilty.
BUSINESS
October 11, 2003 | From Reuters
The insider trading case involving former ImClone Systems Inc. Chief Executive Samuel D. Waksal and Martha Stewart has widened to include Waksal's father and sister. The Securities and Exchange Commission on Friday sued Jack Waksal, 82, in an amended complaint originally filed against Samuel Waksal. The new charges also name Samuel Waksal's sister, Patti, 47, as a relief defendant, who did not break the law but benefited from actions of her father.
BUSINESS
June 11, 2003 | James F. Peltz, Times Staff Writer
Samuel D. Waksal, the fallen founder of drug maker ImClone Systems Inc., was sentenced Tuesday to more than seven years in prison and fined $4.3 million by a federal judge who called Waksal's insider trading abuses "truly incalculable." Waksal is the first prominent U.S. chief executive to be sentenced to prison in the corporate scandals that erupted after Enron Corp. collapsed in 2001. The ImClone affair also has entangled Martha Stewart, a close friend of Waksal's.
BUSINESS
August 1, 2008 | From the Associated Press
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.
BUSINESS
September 13, 2007 | From Times Wire Services
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.
BUSINESS
November 9, 2006 | From Dow Jones/the Associated Press
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.
BUSINESS
October 26, 2006 | From Bloomberg News
Billionaire investor Carl Icahn won his two-month campaign to take control of ImClone Systems Inc. on Wednesday, ousting the biotechnology company's interim chief executive and engineering his own election as chairman. Icahn said he would seek a new chief executive with experience to boost sales of the New York-based biotechnology company's only product, the Erbitux cancer drug. ImClone's third-quarter profit rose 85%, beating analyst estimates, although sales of Erbitux were less than expected.
BUSINESS
August 24, 2006 | From Bloomberg News
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.
BUSINESS
August 15, 2006 | From Bloomberg News
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.
BUSINESS
June 8, 2005 | From Bloomberg News
ImClone Systems Inc., maker of colon cancer medicine Erbitux, said billionaire investor Carl Icahn was seeking U.S. antitrust clearance to increase his stake in the company to as much as $500 million. Icahn held almost 5 million shares of ImClone, or almost 6% of those outstanding, as of April 18, an ImClone spokesman said. That holding was worth about $150.6 million at the close of trading Tuesday. ImClone shares rose 5 cents to $30.16. The company disclosed Icahn's filing after U.S.
BUSINESS
January 27, 2005 | From Reuters
ImClone Systems Inc. reported its first net loss in four quarters on a charge to settle class-action lawsuits, but results topped expectations and it signed licensing deals related to its colon cancer drug Erbitux, lifting shares 4%. ImClone signed license deals with Genentech Inc. and Johnson & Johnson for the rights to patents covering certain antibody technology related to Erbitux, heading off potential litigation with those companies. The company posted a net loss of $13.
BUSINESS
August 8, 2006 | Walter Hamilton, Times Staff Writer
Ending her legal battle with the government, Martha Stewart has agreed to settle insider-trading charges by paying $195,000 and accepting a five-year ban on serving as a director of a public company. The agreement with the Securities and Exchange Commission, announced Monday, resolves the issue that was at the heart of Stewart's criminal trial but for which she was never prosecuted. Stewart, convicted in 2004 for obstructing an investigation into her sales of ImClone Systems Inc.
BUSINESS
January 25, 2006 | From Reuters
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.
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