The executives at ImClone have been carefully crunching the numbers for both its pipeline drugs as well as Erbitux as it builds a case that Bristol-Myers Squibb's current offer is far too low to accept. Sources tell the Financial Times that the company could fetch $70 a share and that Erbitux alone may well be worth about $60 a share.
Much of the analysis is centered on ImClone's pipeline: five main cancer therapies in Phase I and II. The company has been particularly bullish about the prospects of IMC-A12 for prostate cancer. ImClone has been considering splitting up its R&D programs from Erbitux as a possible alternative to a takeover.
"I would say we thought [the company] was worth $70 plus or minus," an industry source familiar with ImClone told the Financial Times, adding that he still felt the pipeline and infrastructure was "pretty interesting."
- read the article from the Financial Times