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Biotech / Medical : Imclone systems (IMCL)

IMCL 0.159

0.0%

Oct 5 5:00 PM EST

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To: Gordon James who wrote (933)	8/30/1999 5:08:00 AM
From: Gordon James	Read Replies (1) of 2515

Also re: the Jagnotes buyout post on Yahoo... Here's a link to the posting in question: messages.yahoo.com If there's any basis to the buyout rumors (I have no doubt that such rumors have been driving the stock for the last few months), my guess would be that they are based on some recent or imminent activity by Merck KGaA in relation to upping its IMCL stake (without necessarily buying the whole thing), as per the existing agreements. A description of this arrangement, from the press release when Merck KGaA signed on as the C225 partner: The late stage equity-based milestones are to be paid through the purchase of common stock of ImClone at a premium to the then market price. The agreement permits Merck KGaA, through a combination of those milestone payments, conversion of ImClone preferred shares purchased by Merck KGaA in their December 1997 Preferred Stock Purchase Agreement, and open market purchases, to own up to 19.9% of ImClone common stock. imclone.com Seems more likely to me that something along these lines is getting underway rather than a lock-stock-and-barrel buyout - but then again, I didn't pay much heed to the persistent SUGN buyout rumors either... GJ

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