ImClone rejects bid from Bristol-Myers Squib
NEW YORK Biotech ImClone has rejected an acquisition bid by Bristol-Myers Squibb, according to a letter that ImClone chairman Carl Icahn sent to Bristol chairman and chief executive officer James Cornelius Tuesday, calling the bid “absurd.”
On Monday, Bristol announced that it would increase its $60-per-share bid for the biotech to $62 a share, though this still fell short of the $70-per-share offer that ImClone has received from a thus-far undisclosed pharmaceutical company.
“Your letter of yesterday contains inaccuracies which are misleading to our shareholders,” Icahn wrote. “Your statements that there have not been any meaningful discussions concerning your proposal have no basis in fact. … I also told you a large Pharma company had offered $70 subject to due diligence and the diligence will be over on Sunday, September 28, 2008. In light of these facts, your hostile tender of $62, at this time, seems absurd.”
At the end of the letter, Icahn didn’t mince words.
“If you wish to make your attorneys wealthier, I can show you more productive ways to do so,” he wrote. “Or, if you simply want publicity, I can also help you in that regard without your having to make unnecessary expenditures.”
Bristol-Myers Squib ups off for ImClone buyout
NEW YORK Bristol-Myers Squibb announced Monday that it would increase its offer for ImClone after the biotech rejected a previous offer as too low.
Bristol had previously offered $60 a share for the company, but has increased its offer to $62 a share, or $4.7 billion. That’s still far below the $70 a share that ImClone chairman Carl Icahn has said an unnamed pharmaceutical company has offered.
ImClone and Bristol jointly market the cancer drug Erbitux (cetuximab), and Bristol owns 16.6 percent of ImClone’s stock.
Roche assures flu vaccines will be in stock for season
NUTLEY, N.J. Ample supplies of the flu drug Tamiflu will be available throughout the country during the flu season, manufacturer Roche said Tuesday.
The vaccine, known generically as oseltamivir phosphate, is approved for treating and preventing influenza in adults and children aged 1 and older.
The Centers for Disease Control and Prevention considers it an important second line of defense against the flu.
“We understand that pharmacists do their best to stock appropriate amounts of antiviral medications, such as Tamiflu, for use during the flu season,” Roche medical director Dominick Iacuzio said. “However, the incidence and severity of seasonal flu remains unpredictable from year to year, and some pharmacies may still be faced with greater-than-expected demand during the season.”