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ImClone and Bristol: The Acquisition Fight Focuses on the Erbitux Successor

Executive Summary

ImClone chairman Carl Icahn wants Bristol-Myers Squibb to pay a lot more in order to acquire the developer of blockbuster cancer drug Erbitux. His argument: there's a lot more to ImClone than Erbitux, namely, a competitive follow-on. Bristol thinks it's already got the rights to that compound; Icahn apparently disagrees (and indeed Amgen wriggled out of a similar dispute over a follow-on with J&J). But a close reading of the Bristol/ImClone contract tends to agree with Bristol.

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Can BMS Deliver on Innovation?

In December of 2007, Bristol-Myers announced its commitment to become a 'next-generation" biopharma company, with a focus on biologics and specialty drugs. That meant it would divest its non-core non-pharma assets, improve productivity, bolster R&D, and make sure its financing was in shape-even as its peers were taking the opposite approach. Two years later, it appears to be successfully executing on its objectives for the first two stages.

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