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Article: Bristol Wants ImClone Deal Cut
- Article from:
- AP Online
- Article date:
- February 8, 2002
- Author:
CopyrightThis material is published under license from the Associated Press. All inquiries regarding rights should be directed to the Associated Press. (Hide copyright information)
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SAN FRANCISCO (AP) _ A soured drug partnership with ImClone Systems
Inc. has led Bristol-Myers Squibb Co. to demand its $2 billion deal
with the biotechnology company ImClone Systems Inc. be cut nearly
in half, according to a source close to the deal.
Bristol sent ImClone a one-page letter earlier this week demanding
cancellation of $800 million in milestone payments the drug titan
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 told The Associated Press
Thursday.
In trading Friday, ImClone shares rose 9.4 percent, or $1.39 a share,
to close ...