After evaluating the offers made for the purchase of Imclone by various bidders, Imclone has decided to stay independent. Joe Fischer, the interim CEO, said in a conference call that “the board of directors conducted a full review of all the options and decided that the best shareholder value would be provided by staying an independent entity. In addition, the board of directors will renew the search for a new CEO.
“The difference between bid and ask was too much,” said Fischer. “During the seven month review period Imclone had two quarters with good revenues and good expansion of the Erbitux franchise. Imclone is in a better position now than two quarters ago, and we might look for opportunities for partnering but for now we will continue to be independent and focus on the pipeline.”