More Biotech M&A: Bristol-Myers Offers $60 Per Share in Cash for ImClone Systems
Posted on Thursday, July 31st, 2008 | In Biotech, Market Commentary
Contributed by: Mike Havrilla (http://mikehav.blogspot.com/) -
Shares of ImClone Systems (IMCL) are skyrocketing in pre-market action, trading up over 40% to around $66 per share on word of a $60 per share all-cash buyout offer by Bristol-Myers (BMY), which is its partner for EGFR cancer therapy Erbitux.
The market is anticipating a higher bid for ImClone as it is trading about 10% above the buyout offer. This deal follows a spate of biotech deals in recent times, including Roche’s buyout offer for its remaining stake in Genetech (DNA).
The accompanying chart displays the performance of ImClone, Bristol-Myers, and the iShares Nasdaq Biotech ETF (IBB) over the past year.
Last 5 posts by Mike Havrilla
- Albertis $12.8B Bid to Lease PA Turnpike Expires with No Deal - October 1st, 2008
- Congress Working Overtime: $634B Spending Bill and Bailout Plan - September 27th, 2008
- Pfizer is a Big Pharma Buy - September 24th, 2008
- Bristol-Myers Ups Bid to $62 for ImClone - September 23rd, 2008
- Climate Exchange Rebounds on Robust Results - September 20th, 2008
Tags for this Post:
Biotech, biotech, biotech deals, Bmy, Bristol Myers, cash buyout, imclone systems, Market Commentary
Biotech, biotech, biotech deals, Bmy, Bristol Myers, cash buyout, imclone systems, Market Commentary
 About Mike Havrilla (http://mikehav.blogspot.com/)
The MikeHav Market Blog provides investors with a free source of stock profiles, tools, and commentaries focused on carbon credits, the healthcare sector, exchange-traded funds (ETFs), and innovative companies across all industries.
I am a pharmacist and index developer who has been investing since August 1997 and freelance writing for investors since April 2007. I am also an avid runner since 1992 and have completed 18 marathons (26.2 miles) with a personal best time of 2 hours, 54 minutes.
I can be contacted via email at mikehavrx[at]yahoo[dot]com.
MikeHav Market Blog: www.mikehav.blogspot.com
MikeHav Market Blog RSS Feed: http://feedproxy.google.com/mikehavblog
Investment Web Domain Names [PDF]: www.geocities.com/mikehavrx/websites.pdf
Global Carbon Trading Index [PDF]: www.geocities.com/mikehavrx/ctindex.pdf |
No recommendations, either expressed or implied, are being made to buy, sell, hold or short any of the mentioned stocks. No legal, tax or accounting advice is expressed or implied. Always contact your attorney, CPA, or tax advisor before acting on any legal or tax issues. StraightStocks.com is not responsible for the content, products, or services of any of the advertisers on this site. StraightStocks.com receives compensation from advertisers on this blog. Services and products referred to herein are trademarks, registered trademarks, servicemarks, and/or registered servicemarks of their respective trademark or servicemark owners.