Entries tagged "ImClone Systems Inc."
Eli Lilly and Co. swept in last week to nab ImClone Systems Inc. for $6 billion to bolster its biotech and oncology presence. But the deal immediately raised eyebrows when Lilly executives revealed that as much as half the cash will be raised through debt. Last we checked, the credit markets were frozen. Not to worry, execs said, we've got lines of credit we can tap. ...
All eyes lately have been on dealmaking within the ailing financial sector. But there's also plenty of deal movement within the likes of the biotech and retail drugstore sectors that have impacted the markets. Shares of biotech ImClone Systems Inc. [IMCL] jumped on news it rebuffed Bristol-Myer's Squibb Co.'s [BMY] raised offer, while Longs Drug Stores Corp.'s [LDG] saw a slight increase as it rejected an offer from Walgreen Co. [WA]. Overall, the Dow fell 161.84 points, or 1.47%, to 10,854.17 as investors wallow in limbo over the government's proposal to rescue banks and buy bad debt. Here's a...
