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Bristol-Myers Won't Raise ImClone Offer

Drugmaker says it's not raising its $60-per-share offer for ImClone, even though the biotechnology company says a secret suitor is offering $10 a share more.

NEW YORK (AP) -- Bristol-Myers Squibb Co. says it's not raising its $60-per-share offer for ImClone Systems Inc., even though the biotechnology company says a secret suitor is offering $10 a share more.

The drugmaker, which has a partnership with ImClone to sell cancer drug Erbitux, also says it won't agree to any changes in its marketing rights for Erbitux. Bristol-Myers gets a large share of Erbitux's U.S. sales.

The comments from Bristol-Myers, which owns 17 percent of ImClone shares, come a day after ImClone said it is considering an offer worth $70 per share from an unidentified large pharmaceutical company. That would amount to about $6.1 billion.

ImClone on Wednesday also formally rejected the $4.5 billion July 31 offer from Bristol-Myers.

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