The Work

July 31, 2008 5:48 PM

Bristol-Myers Squibb Taps Cravath for ImClone Deal

Posted by Tosin Sulaiman

Bristol-Myers Squibb today announced plans to acquire the rest of ImClone Systems, the maker of the best-selling cancer drug Erbitux, for $4.5 billion, or $60 a share.

The all-cash offer represents a premium of approximately 30 percent over ImClone's closing stock price on July 30, the pharmaceutical company said.

Bristol currently owns 17 percent of ImClone Systems, and the two firms have worked together for nearly seven years as comarketers of Erbitux in the U.S.

Cravath, Swaine & Moore is advising Bristol-Myers Squibb on the deal. Corporate partner Allen Finkelson is leading the Cravath team, which includes corporate partners Thomas Dunn and Susan Webster, and tax partners Stephen Gordon and Lauren Angelilli. The firm declined to comment on the matter.

In a statement released today, Bristol's chairman and CEO, James Cornelius, said, "The proposed acquisition of ImClone represents a strategically and financially sound add-on to our business, consolidating a relationship we have had for nearly seven years." The move will assure both companies of long-term growth and strong financial performance. The proposed deal, said Cornelius, delivers "full and fair value" to ImClone's shareholders.

"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…but also in terms of developing ImClone’s pipeline assets," he said in a statement.

No word yet on who's repping ImClone; the company did not respond to requests for comment.

Make a comment

Comments (0)
Save & Share: Facebook | Del.ic.ious | | Email |

Reprints & Permissions


Report offensive comments to The Am Law Daily.

The comments to this entry are closed.

By: TwitterButtons.com

From the Newswire

Sign up to receive Legal Blog Watch by email
View a Sample