ImClone, Bristol-Myers deal

BMY proposed to restructure its co-development and co-promotion deal for IMCL’s Erbitux anti- EGFR antibody. Under the proposed restructuring, BMY said it would take the lead in the FDA approval process of Erbitux. In addition, BMY is seeking changes in IMCL senior management effective until FDA approval of Erbitux, expanded rights to IMCL’s Erbitux IP and fewer restrictions on BMY’s ability to resell IMCL shares. ...