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Article: WHEN Samuel Waksal, the former chief executive of US biotechnology firm ImClone Systems, testifies before congress this week, one company in particular will be watching proceedings more closely than the rest of its rivals.
- Article from:
- Sunday Business (London, England)
- Article date:
- June 9, 2002
CopyrightCOPYRIGHT 2002 Sunday Business Publishing. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WHEN Samuel Waksal, the former chief executive of US biotechnology firm ImClone Systems, testifies before congress this week, one company in particular will be watching proceedings more closely than the rest of its rivals. For executives at Bristol-Myers Squibb, the troubled pharmaceuticals giant and ImCloneOs partner, any news on whether the biotech firm misled investors about the development of Erbitux, its experimental cancer drug, could have repercussions on the groupOs future.The worldOs number-one maker of cancer drugs had originally agreed to pay $2bn for a 20% stake in ImClone and the US marketing rights to Erbitux in a licensing deal struck last year. At the time, ...