July 31, 2008 - Bristol-Myers Squibb Co. today offered $4.5 billion in cash for its cancer drug partner, ImClone Systems, a biotechnology company that makes ERBITUX (Cetuximab), a drug used in combination with radiation therapy for the treatment of advanced head and neck cancers.
ImClone’s board has not commented on the proposal, which offers its stockholders $60 per share, a 30 percent premium to New York-based ImClone's closing price of $46.44 Wednesday. New York-based Bristol-Myers already owns about 17 percent of ImClone.
The two companies have been partners since September 2001 in developing Erbitux, which is approved for treating advanced colorectal cancer and head and neck cancers.
ImClone shares surged beyond Bristol's offering price and were up 38 percent, to $17.65, at $64.09 in morning trading. Bristol-Myers shares fell 25 cents, or 1.2 percent, at $21.26.