ImClone Throws Down and Announces Additional Suitor

This post was commissioned on September 10, 2008, and it was categorized as M&A.

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It was only a matter of time before the BMS/ImClone chatter picked up again. Today, ImClone has released a statement, again officially crapping on BMS’s unsolicited, $60/share offer and also chumming the waters with news of a different possible suitor.

“Mr. Icahn also announced he has had several conversations with the Chief Executive Officer of a large pharmaceutical company. As a result of such conversations, the pharmaceutical company has submitted a proposal, subject to due diligence, but not subject to financing, to acquire ImClone for $70 per share in cash. The Special Committee has determined, subject to the execution of a confidentiality agreement, to allow this company to conduct due diligence for a two week period, subject to extension by mutual consent. No determination has been made as to whether $70 per share would be adequate.”

This sage keeps getting better and better. Honestly, I doubt another company will drop $7B in cash for ImClone for a share of Erbitux and the potential legal fight over the back-up. In fact, at $7B in cash, BMS and one or two others might be out of the running entirely.

What’s your guess?

Pfizer
GlaxoSmithKline
Sanofi-Aventis
AstraZeneca
Merck
Novartis
Johnson & Johnson
Roche
Eli Lilly & Co.
Wyeth

Theoretically Related Posts

October 3, 2008 -- Swami Predicts ImClone’s Future (1)
September 29, 2008 -- ImClone To Reveal Mystery Suitor? (0)
August 4, 2008 -- Icahn Responds to BMS Offer for ImClone (0)
July 31, 2008 -- BMS Offers to Buy The Rest of ImClone (0)
August 20, 2008 -- BMS Ponies Up for Elotuzumab (0)
May 6, 2008 -- Bristol-Myers Squibb To Be Acquired By… [Insert Name Here]?? (8)
May 4, 2008 -- BMS Sheds ConvaTec for $4.1 billion (3)
February 5, 2009 -- GSK Not Joining Pharma-mergerfest-a-palooza ‘09 (0)
January 23, 2009 -- 5 Reasons Pfizer Shouldn’t Buy Wyeth and One Reason It Should (1)
January 13, 2009 -- Bristol-Myers Squibb Enters Hep C Race With Help From ZymoGenetics (0)

This post was constructed by

Eben Tessari

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Eben is a highly caffeinated business development associate at a small, cash sensitive pharmaceutical company somewhere in Massachusetts. He enjoys cliche-less banter, compartmentalization, non-equilibrium thermodynamics and NPV analysis. Agree or disagree with what he's posted? He encourages comments.

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