ARTICLE | Company News

ImClone, Bristol-Myers deal

August 4, 2008 7:00 AM UTC

Bristol-Myers proposed to acquire the 83.4% of ImClone it does not already own for $60 per share, or about $4.5 billion in cash. The price is a 29% premium to ImClone’s close of $46.44 on July 30, the day before the bid was announced. Bristol-Myers said the deal would allow for the consolidation of clinical development and commercial streamlining of Erbitux. The companies co-develop and co-market Erbitux in Canada and the U.S. to treat metastatic colorectal cancer (mCRC) and squamous cell carcinoma of the head and neck (SCCHN). Merck KGaA (Xetra:MRK, Darmstadt, Germany) markets Erbitux outside the U.S. and Canada, except in Japan where the three companies co-market the drug. Erbitux had global 2Q08 and 2007 sales of $423.3 million and 1.3 billion, respectively. The chimeric mAb against EGFR also is in the clinic for multiple line extensions.

ImClone has five other cancer compounds in the clinic, including three in Phase II testing. IMC-11F8, a human mAb against EGFR, is expected to start Phase III testing to treat mCRC next year. IMC-A12, a human mAb against IGF-1 receptor is in Phase II testing for various cancers. IMC-1121B, a human mAb against VEGF receptor 2, is expected to start Phase III testing to treat metastatic breast cancer this quarter and gastric cancer next year. ...