PharmExec Blog

Icahn to BMS: Offer is Inadequate

Photo by Jenn JennIn a statement to the press today, ImClone Chairman Carl Icahn said that the review committee overlooking Bristol-Myers Squibb’s offer to purchase the biotech company for $60 per share $4.5 billion just isn’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.

“The 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,” the release stated. “No determination has been made as to whether $70 per share would be adequate.”

BMS has yet to release statement in reaction to Icahn’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

This entry was posted in Biotech, Deals, Strategy and tagged , , , , , , , , . Bookmark the permalink. Post a comment or leave a trackback: Trackback URL.

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  1. By Lilly Puts Up $6.5 Billion for ImClone on October 6, 2008 at 11:23 am

    [...] month, BMS offered $4.5 billion for ImClone. ImClone chairman Carl Icahn shot down the offer stating that it undervalued the company and that a second mystery suitor had made an offer for $70 [...]

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