ImClone Systems Inc said on Wednesday it has received a takeover offer of $70 a share from a large pharmaceutical company, topping an earlier bid of $60 a share from Bristol-Myers Squibb Co and sending its shares up 7 percent.
The offer values ImClone at $6.1 billion, based on the number of shares outstanding at the time of the company’s latest quarterly report.
Carl Icahn, the billionaire investor and chairman of ImClone’s board, said in a statement he has had several conversations with the chief executive officer of a large pharmaceutical company, culminating in the latest proposal.
Bristol-Myers declined to comment.
A $70 a share offer would represent a premium of 51 percent over ImClone’s closing price of $46.44 on July 30, the day before Bristol-Myers announced its $60 a share offer.
The premium is more in line with such recent deals in the sector as Takeda Pharmaceutical Co Ltd’s offer for Millennium Pharmaceuticals at a premium of 53 percent.
But any pharmaceutical company seeking to acquire ImClone, which makes the cancer drug Erbitux, faces unique challenges cash advance flexible payments. For one thing, Bristol-Myers markets Erbitux in the United States and receives roughly 61 percent of the drug’s revenue.
Erbitux is ImClone’s key product and is approved to treat colon cancer and head and neck cancer.
« Consumer borrowing: Weakest in 7 months – Absolute auctions help high-end sellers »
No comments yet.
Sorry, the comment form is closed at this time.
Powered by WordPress -- XHTML 1.0