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Mystery Suitor Thwarts Bristol’s ImClone Takeover, Or So Icahn Says

Executive Summary

Intrigue surrounding Bristol-Myers Squibb's takeover attempt of its Erbitux (cetuximab) marketing partner ImClone reached new heights with the announcement Sept. 10 that a third-party mystery suitor has stepped in with a white knight bid

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Pharma Thriller: Lilly Rumored To Be Mystery Bidder For ImClone

Eli Lilly is rumored to be the mystery bidder for ImClone - the latest wrinkle in an ongoing saga that pits the biotech's Chairman Carl Icahn against its marketing partner Bristol-Myers Squibb. Lilly is reportedly offering $6.1 billion for the biotech, or $70 a share, which, if true, validates Icahn's hard-line rejection of a standing offer from BMS to pay $62 a share

Pharma Thriller: Lilly Rumored To Be Mystery Bidder For ImClone

Eli Lilly is rumored to be the mystery bidder for ImClone - the latest wrinkle in an ongoing saga that pits the biotech's Chairman Carl Icahn against its marketing partner Bristol-Myers Squibb. Lilly is reportedly offering $6.1 billion for the biotech, or $70 a share, which, if true, validates Icahn's hard-line rejection of a standing offer from BMS to pay $62 a share

Bristol bails on ImClone board

Bristol-Myers Squibb's bid gets even more hostile as representative John Celentano resigns from his position on the ImClone board of directors Sept. 22. Bristol raised its offer to $62 per share on Sept. 22, still a discount over the trading price. Carl Icahn, chairman of the ImClone board, rebuffed the offer in a colorful letter Sept. 23 (1"The Pink Sheet" DAILY, Sept. 23, 2008). The tense situation should come to a head soon; the alternative mystery bidder alluded to by Icahn is slated to finish due diligence Sept. 28 (2"The Pink Sheet," Sept. 15, 2008, p. 10)

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