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Dow Jones News Service STORY 1
16:36 ImClone Up 9% On Internet Talk Of Partner's Rumored Shr Buy
(Copyright (c) 1998, Dow Jones & Company, Inc.)
NEW YORK (Dow Jones)--Shares of ImClone Systems Inc. (IMCL) rose
nearly 9% Friday, partially due to discussion on the Internet that the
company's corporate partner may be interested in increasing its stake in ImClone.
The messages posted on Stockwinners.com and other Internet sites
incorrectly identified ImClone's partner as U.S. pharmaceutical giant
Merck & Co. (MRK). ImClone, in fact, has a partnership with Germany's
Merck KGaA. The two Mercks aren't related.
Items posted on Yahoo! Finance's message board indicated some
investors were buying ImClone's stock based on the Stockwinners.com
story.
Shares of ImClone rose 7/8, or 8.6%, to 11, on Nasdaq volume of
791,200, compared with average daily volume of 413,000.
In December, Merck KGaA said it would buy $40 million of ImClone
convertible preferred stock and pay $15 million in milestone fees beyond those established in the companies' original 1990 marketing agreement. The companies co-market ImClone's BEC2 cancer vaccine.
ImClone officials weren't available to comment.
Analysts who follow ImClone added that cancer-related stocks are hot
right now.
ImClone may still be benefiting from some positive clinical data it
presented at last week's American Society of Clinical Oncology meeting, according to Deepa Pakianathan, an analyst with Genesis Merchant Group
Securities.
- Johanna Bennett; 201-938-5670;
and Jennifer Fron Mauer; 201-938-5287
(END) DOW JONES NEWS 05-29-98
04:36 PM
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