RSSMore Biotech M&A: Bristol-Myers Makes Bid for ImClone Systems
By Mike Havrilla | July 31, 2008 | 10:36 AM | 0 Comments
Shares of ImClone Systems (NSDQ: IMCL) are skyrocketing in pre-market action, trading up over 40% to around $66 per share on word of a $60 per share all-cash buyout offer by Bristol-Myers (NYSE: BMY), which is its partner for EGFR cancer therapy Erbitux. The market is anticipating a higher bid for ImClone as it is trading about 10% above the buyout offer. This deal follows a spate of biotech deals in recent times, including Roche's buyout offer for its remaining stake in Genetech (NYSE: DNA). The accompanying chart displays the performance of ImClone, Bristol-Myers, and the iShares Nasdaq Biotech ETF (NYSE: IBB) over the past year.
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