BOSTON-- ImClone Systems Inc. shares jumped over 8% Wednesday after the biotech company revealed in documents released as part of its on-going squabble with dissident investor Carl Icahn that it had received an attractive takeover bid from an undisclosed pharmaceutical company.
In a regulatory filing, ImClone said that it had been approached in July by a "major international pharmaceutical company" who was interested in acquiring the biotech group in a stock deal worth $35.50 a share.
After the board rejected the offer as being too low, the pharmaceutical company upped the bid in September to $36 a share. The filing adds that the offer was contingent on Icahn's support, which he refused.
The name of ImClone's potential bidder was not disclosed.
Facing increased competition for its only marketed product, the colon cancer drug Erbitux, ImClone had announced in January that it was open to being acquired, but later took itself off the market in August because the bids it had received were too low.
Shares of ImClone were up 8% at $29.42 in midday trading. Remeber that Erbitux is a monoclonal antibody designed to inhibit the growth promoting epidermal growth factor receptor.
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