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Article: Drug Firm Won't Modify Alliance; ImClone Rejects Bristol-Myers Call
- Article from:
- The Washington Post
- Article date:
- February 13, 2002
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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ImClone Systems Inc. yesterday rejected demands from a top
drugmaker that the companies renegotiate their deal over a cancer
drug, setting up a potential court fight and casting further doubt on
the near-term prospects of the drug, Erbitux.
After meeting for hours on Monday, the board of ImClone, a small
biotechnology company, sent a short letter to Bristol-Myers Squibb
Inc. on Tuesday rejecting the giant drug company's demand for new
terms in their deal to develop and market Erbitux. Bristol-Myers
replied with a longer letter saying it was "considering our business
and legal options" in the dispute.
The disagreement between the two New York companies follows a
setback Dec. 28 in which the ...