Biotech Values

[ThomasS]

more...IMCL Sanofi-Aventis is said to be the mystery suitor for ImClone, and Icahn’s competitor - NY Times (29.90 )

NY Times reports Sanofi-Aventis (SNY) was the mystery bidder for the biotechnology co ImClone Systems last month, people involved in the transaction said yesterday. Shares of ImClone soared last week after the co announced that Carl Icahn, who holds a stake of nearly 14% in the co, had scuttled a potential takeover offer of $36 a share from a "major international pharmaceutical company" last month. The disclosure of a would-be suitor, which ImClone did not identify, became the latest point of contention in an escalating battle between Mr. Icahn and the co. Mr. Icahn said last week that ImClone was worth more than $36 a share "if it is run by competent people." Sanofi's interest in ImClone suggested that the co was considering expansion in the US and might indicate that it would look at other possible targets. Some analysts have said that Sanofi may be interested in Bristol-Myers Squibb (BMY), a co that has been seen as a potential takeover target since it ousted its chief exec, Peter Dolan, last month. In Bristol-Myers, Sanofi or another acquirer would get a significant piece of ImClone. Bristol-Myers is ImClone's largest shareholder, with 17%. The emergence of Sanofi's interest may also give new life to ImClone's attempts to find a buyer. Earlier this year, ImClone put itself up for sale, but after a six-month search, the co announced in August that it would remain independent