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Biotech / Medical : Munch-a-Biotech Today -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (2079)	1/26/2006 4:49:06 AM
From: Icebrg	Respond to of 3158

Upheaval at Imclone (IMCL, BMS, AMGN, ABGX) [The Biotech Stock Blog weighs in. Not a true believer in Imclone's future prospects, it seems]. Related Stocks: ABGX, AMGN, BMS, IMCL Eric Muse submits: Back in November, we posted a piece discussing the merits of Amgen’s (ticker: AMGN) and Abgenix’s (ticker: ABGX) panitumumab in treating colorectal cancer and the negative implications for Bristol-Myers’ (ticker: BMS) and Imclone’s (ticker: IMCL) Erbitux. The post incited considerable emotion, and many people adamantly disagreed with the conclusion – “Erbitux is in big trouble.” Here we are two-and-a-half months later and all signs point to trouble: Imclone announced a new CEO – again – the third person to occupy the position in as many months, and they have announced plans to potentially sell the company. On the company’s January 24th earnings call, Imclone announced that it had retained Lazard to explore a possible sale, merger or strategic alliance, and citing what it expects to be increasing competition for panitumumab. Hardly an expression of confidence. In addition, they announced that board member Joseph Fischer would become the interim CEO, replacing Philip Frost, who had been the helm for all of two months. Imclone is a company in turmoil and concerned about its prospects. Given its lofty $2.9 billion valuation, it’s no wonder Imclone’s board is pushing to sell the company before panitumamab hits the proverbial fan. biotechstockblog.com