Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Bristol-Myers Squibb Company has proposed to enter into an agreement to acquire ImClone Systems for $60 per share in cash, or a total payment of approximately $4.5 billion, to equity holders of ImClone, other than Bristol-Myers Squibb.
Subscribe to our email newsletter
Bristol-Myers Squibb currently owns approximately 17% of all outstanding shares of ImClone. Bristol-Myers Squibb’s all-cash offer, which is not conditioned on the receipt of financing or on the conduct of due diligence, represents a premium of approximately 30% over ImClone’s closing stock price on July 30, 2008, the last trading day before Bristol-Myers Squibb sent its proposal to ImClone’s board of directors.
James Cornelius, chairman and CEO of Bristol-Myers Squibb, said: “For Bristol-Myers Squibb, the proposed acquisition of ImClone represents a strategically and financially sound add-on to our business, consolidating a relationship we have had for nearly seven years.”