Bristol Bids US$5.2bn For ImClone

July 2008 | M&A News Alert

In a deal worth up to US$5.2bn, US pharmaceutical giant Bristol-Myers Squibb has offered to buy ImClone Systems for US$60 a share. In an attempt to gain greater control of joint-venture cancer drug Erbitux, Bristol has offered an approximately 30% premium on ImClone's closing share price on July 30. Investors, however, seem to expect more. Morning trading on July 31 saw ImClone stock jump by 39% to reach US$64.20 a share, fuelling speculation that the company will attract a higher offer.

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