Oh what a tangled web he weaves!
ImClone Systems Stake of 5.1% Acquired by Carl Icahn Group
ImClone Systems Stake of 5.1% Acquired by Carl Icahn Group Washington, Oct. 19 (Bloomberg) -- An investment group led by financier Carl Icahn acquired a 5.1 percent stake in biopharmaceutical maker ImClone Systems Inc., just a month after his group acquired a 14.75 percent stake in ImmuLogic Pharmaceutical Corp.
High River L.P. and its affiliates purchased 594,100 shares in the New York-based ImClone Systems between Sept. 29 and Oct. 7, with per share prices ranging from $32.05 to $22.08, according to a Schedule 13D filed with the Securities and Exchange
Commission.
High River acquired its current holdings of 844,100 shares for $18.1 million, according to the filing. The Icahn group also owns a call option for the right to purchase another 450,000 shares of ImClone Systems, which develops cancer vaccines.
Last week, shares of ImClone Systems fell about 9 percent after the company warned that San Francisco-based Genentech Inc. had a patent on technology related to ImClone's lead-product candidate. Icahn's group purchased 387,000 shares that day at a price of $22.08 a share, according to the filing. Imclone shares today rose 1 1/2 to 23 5/8 in early trading.
ImClone said that it should be able to commercialize the cancer drug, called C225, without infringing on Genentech's patent.
Last month, Icahn acquired a 14.75 percent stake in Waltham, Massachusetts-based ImmuLogic after shareholders voted to liquidate and dissolve the company.
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Happy Trades....Kowboy |
