Icahn, ImClone, Bristol-Myers… A 3-Way Marriage (IMCL, BMY)

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Another biotech giant is biting the dust via a buyout offer.  ImClone Systems Inc. (NASDAQ: IMCL) has been given a buyout offer from Bristol-Myers (NYSE: BMY) at $60.00 per share.

As per the filing:

  • James M. Cornelius, Chairman and Chief Executive Officer of BMS, called Carl C. Icahn, Chairman of the Board of ImClone, to convey an offer by BMS to enter into an agreement to acquire ImClone for $60 per share in cash (the “BMS Offer”).  The BMS Offer represents a premium of approximately 30% over the closing price of ImClone common stock on July 30, 2008, a premium of approximately 40% over the one-month average closing price of ImClone common stock, and a  premium in excess of 40% over the three-month and one-year average closing prices of ImClone common stock.  The BMS Offer was authorized by the BMS Board of Directors.

Yep, another biotech looks to be disappearing.

Jon C. Ogg
July 31, 2008