In a statement to the press today, ImClone Chairman Carl Icahn said that the review committee overlooking Bristol-Myers Squibbâ€™s offer to purchase the biotech company for $60 per share $4.5 billion just isnâ€™t good enough.
He not only accused BMS of lowballing, but also admitted that the company has been in talks with the head of another mysterious pharma company, which has resulted in an offer of $70 per share in cash.
â€œThe special committee has determined, subject to the execution of a confidentiality agreement, to allow this company to conduct due diligence for a two week period, subject to extension by mutual consent,â€ the release stated. â€œNo determination has been made as to whether $70 per share would be adequate.â€
BMS has yet to release statement in reaction to Icahnâ€™s comments. BMS is a 17 percent stakeholder in ImClone and worked with ImClone to bring the head/neck cancer treatment Erbitux to the US market. ImClone is mum about the new suitor.
Photo by Jenn Jenn