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Article: ImClone, Bristol Settle Feud
- Article from:
- AP Online
- Article date:
- March 6, 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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ImClone Systems Inc. on Tuesday settled its public feud with Bristol-
Myers Squibb Co. over the handling of a $2 billion deal to co-market
a highly touted experimental cancer drug.
ImClone agreed to accept less money and revise its profit-sharing
agreement with the drug titan, which was also given management of
a key committee assigned to shepherd the drug Erbitux through the
regulatory process.
ImClone agreed to accept $100 million less than the $800 million the
drug titan owed the small New York-based biotechnology company to
share Erbitux's future profits once approved by the Food and Drug
Administration.
Bristol, also based in New York, agreed in September to pay ...