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Article: ImClone rejects Bristol-Myers demands to restructure their partnership
- Article from:
- AP Worldstream
- Article date:
- February 12, 2002
CopyrightProvided by ProQuest LLC. (Hide copyright information)
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Dateline: NEW YORK
ImClone Systems Inc. on Tuesday rejected Bristol-Myers Squibb's proposal
to fundamentally restructure their dlrs 2 billion partnership, saying
the deal was not in the best interest of its shareholders.
Bristol was seeking to renegotiate the agreement because ImClone has
been plagued by troubles since the Food and Drug Administration refused
to accept the company's application to review Erbitux, which was touted
as a blockbuster cancer drug. Bristol was seeking to remove two key
members of ImClone's management, eliminate further payments to the
company and receive a bigger share of Erbitux's revenues if it is
ever approved.
ImClone's chairman Robert ...