Multinational drugmaker Bristol-Myers Squibb Co. has offered $4.5 billion to acquire ImClone Systems, a New York-based developer of cancer-therapy treatments, according to a company news release.
The deal calls for Bristol-Myers Squibb to purchase all outstanding shares of ImClone, in which it currently holds a 17% interest. The companies have a U.S. and Canadian co-development partnership in the cancer-therapy drug Erbitux, which is used in the treatment of metastatic-colorectal and squamous-cell head and neck cancers. Last year, the two drugmakers partnered with Merck & Co. to commercialize the drug in Japan.
The $60-per-share purchase offer represents a premium of 40% over the average closing cost of ImClones stock during the most recent 30-day period, according to the news release. -- by Shawn Rhea