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Article: Bristol Wants ImClone Deal Slashed

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AP Online
Article date:
February 8, 2002
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Dateline: SAN FRANCISCO Stung by a soured drug partnership with ImClone Systems Inc., Bristol- Myers Squibb Co. is demanding its $2 billion deal with the biotechnology company be cut nearly in half, a source close to the deal said Thursday.

The drug titan sent ImClone a one-page letter earlier this week demanding cancellation of $800 million in milestone payments Bristol would owe ImClone once the experimental cancer drug Erbitux cleared two regulatory hurdles, including marketing approval from the U.S. Food and Drug Administration, the source said.

Bristol already has written off $735 million of the $1.2 billion it invested in ImClone nearly five months ago. ImClone's ...

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