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Biotech / Medical : Imclone systems (IMCL)

IMCL 0.159

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Oct 5 5:00 PM EST

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To: SnowShredder who wrote (1666)	9/19/2001 3:30:28 PM
From: RCMac	Read Replies (2) of 2515

Here's the Reuters story: biz.yahoo.com "Wednesday September 19, 1:58 pm Eastern Time Bristol-Myers eyes 40 pct of profits from cancer drug NEW YORK, Sept 19 (Reuters) - Drugmaker Bristol-Myers Squibb Co. (NYSE:BMY - news) said on Wednesday that it would keep 40 percent of the profits from future sales of ImClone Systems Inc.'s (NasdaqNM:IMCL - news) cancer drug IMC2-225 if U.S. regulators were to approve the medicine. Earlier on Wednesday, Bristol-Myers agreed to pay $1 billion for a 20 percent equity stake in ImClone, giving the New York-based drug giant the right co-develop and co-sell the tiny biotech firm's experimental cancer drug. ImClone will keep 60 percent of profits from the drug. The agreement between the two companies is for sales of the drug in the United States, Canada and Japan." BMY pays $2 billion dollars and only gets 40% of the profits! What a terrific deal for IMCL, and what an indication that big pharmas will pay a lot to build pipeline. In normal times the sector would be flying.

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