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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: Deeber who started this subject	2/20/2002 5:40:21 PM
From: IRWIN JAMES FRANKEL	Read Replies (1) of 2515

Wednesday February 20, 5:22 pm Eastern Time Icahn Gets OK to Buy ImClone Stock Investor Carl Icahn Receives Federal Trade Commission Approval to Buy $500M of ImClone Stock NEW YORK (AP) -- Billionaire investor Carl Icahn received Federal Trade Commission clearance Wednesday to purchase $500 million of ImClone Systems Inc. stock, roughly 40 percent of the company. The agency granted Icahn early termination of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act because it didn't see any anticompetitive problems with the purchase. Icahn can begin buying shares immediately. Last week's disclosure that Icahn was seeking FTC clearance prompted ImClone to adopt a shareholder-rights program that kicks in after an investor acquires 15 percent of the company. Some analysts believed the program would deter Icahn from making any kind of a bid to take over the company. Analysts believe Icahn was drawn to ImClone shares because they have plummeted about 70 percent since last December, when the Food and Drug Administration refused to accept the company's application to review Erbitux, a cancer drug touted as a blockbuster. The rejection prompted a rash of shareholder lawsuits alleging fraud and three federal investigations. Nonetheless, some believe Erbitux eventually will be approved. Bristol-Myers Squibb Co. which owns 19.9 percent of ImClone, also wanted to restructure the terms of its $2 billion deal with the biotechnology company, seeking to change ImClone's leadership temporarily, give itself control of Erbitux and garner a larger portion of the profits. ImClone rejected the proposal last week. Shares in ImClone dropped $1.42, or 7.3 percent, to $17.89 each on the Nasdaq Stock Market.

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