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Biotech / Medical : Biotech success, 2002
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To: scott_jiminez who wrote (30)3/5/2002 6:49:45 PM
From: Miljenko Zuanic  Read Replies (1) of 117
 
This is sucsess for IMCL, but it is BMY failure.

Tuesday March 5, 6:14 pm Eastern Time
Press Release
SOURCE: ImClone Systems Incorporated
ImClone Systems and Bristol-Myers Squibb Announce Revised Terms of Commercialization Agreement For ERBITUX
NEW YORK--(BUSINESS WIRE)--March 5, 2002--Bristol-Myers Squibb Company (NYSE:BMY - news) and ImClone Systems Incorporated (Nasdaq: IMCL - news) announced today the revision of certain terms in the companies' commercialization agreement for the co-development and co-promotion of ERBITUX(TM) in the United States, Canada and Japan.

The companies have agreed to changes in certain economics of the agreement and have agreed to the expansion of the clinical and strategic role of Bristol-Myers Squibb in the ERBITUX development program.

Under the revised terms:

In lieu of the $300 million milestone payment agreed upon in the original agreement, Bristol-Myers Squibb will pay ImClone Systems $140 million in cash upon signing of the revised agreement and $60 million in cash on the one-year anniversary of the signing.
Bristol-Myers Squibb will pay ImClone Systems the originally agreed upon $500 million milestone payment, based on the approval by the U.S. Food and Drug Administration (FDA) of ERBITUX, in two parts: $250 million will be paid upon approval of the initial indication, and the remaining $250 million will be paid upon approval of a second indication.
ImClone Systems will receive a distribution fee based on a flat rate of 39 percent of product revenues in North America.
The term of the agreement will continue to run through 2018. <snip>
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