ImClone committee to review offer from Bristol-Myers Squibb

By Lisa Kerner

Charlotte, N.C., Aug. 4 - The board of directors of ImClone Systems Inc. formed a committee to consider the $60-per-share offer from Bristol-Myers Squibb Co.

ImClone said the committee will retain advisers to assist in its review, even though the board believes the offer "substantially undervalues" ImClone.

According to an ImClone news release, the board has been discussing the possibility of separating the company into its Erbitux and its pipeline businesses as a way to maximize the company's value.

The board is also reviewing whether Bristol-Myers had access to confidential information concerning ImClone and its pipeline.

A Bristol-Myers designee to ImClone's board had knowledge of the potential separation of the company, ImClone board chairman Carl C. Icahn noted in a statement released on Monday.

Icahn is opposed to the Bristol-Myers offer to acquire ImClone for a total of approximately $4.5 billion.

Bristol-Myers, a New York biopharmaceutical company, proposed the offer in a July 31 letter to Icahn, it was previously reported.

According to a Bristol-Myers news release, the company currently owns 17% of all outstanding shares of ImClone.

Bristol-Myers said the all-cash offer is not conditioned on financing or on the conduct of due diligence.

ImClone is a biopharmaceutical company based in New York that develops targeted treatments for cancer.

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