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Bristol-Myers Squibb Bids for ImClone

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Bristol-Myers Squibb has offered approximately $4.5 billion to buy ImClone, its development partner in cancer treatment Erbitux. BMS already owns 17% of ImClone shares through its development deal, so the all-cash offer puts a 30% premium on ImClone’s share price.

Said BMS chairman and chief executive officer James M. Cornelius, “Our proposed acquisition of ImClone represents an evolutionary development in our companies’ seven-year-long relationship, and is in the best interests of Bristol-Myers Squibb and ImClone shareholders and employees, and the patients we serve together. Bristol-Myers Squibb is the natural partner for ImClone as we possess the knowledge base and resources to advance the company’s growth over the long-term, not only with respect to Erbitux, the important cancer therapy we jointly commercialize, but also in terms of developing ImClone’s pipeline assets. Our current contractual relationship with ImClone . . . has been very successful, and we believe that, by applying Bristol-Myers Squibb’s financial, R&D and marketing capabilities to support the product, we will be able to reach an even broader patient population.”

He added that the acquisition would create financial growth by 2012-13 and help drive growth in the years beyond. The companies’ development and commercialization agreement for Erbitux expires in 2018. Under the agreement, ImClone receives a distribution fee based on a flat rate of 39% of net sales in North America. Both companies are also in a pact with Merck KgA to market Erbitux in Japan. Merck KgA sells Erbitux in other non-North American markets.

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