Navigation Links
Icahn Responds to Cornelius
Date:9/23/2008

NEW YORK, Sept. 23 /PRNewswire/ -- ImClone Systems Incorporated (Nasdaq: IMCL), announced today that the following letter was sent by Carl Icahn, its Chairman of the Board, to James Cornelius of Bristol-Myers Squibb Company (NYSE: BMY):

September 23, 2008

Mr. James M. Cornelius

Chairman and Chief Executive Office

Bristol-Myers Squibb Company

345 Park Avenue

New York, NY 10154

Dear Jim:

Your letter of yesterday contains inaccuracies which are misleading to our shareholders. Your statements that there have not been any meaningful discussions concerning your proposal have no basis in fact. Indeed during the last few weeks we told you we would be happy to meet if you wished to increase your offer to which you replied you had no intention to do. I also told you a large Pharma company had offered $70 subject to due diligence and the diligence will be over on Sunday, September 28, 2008. In light of these facts, your hostile tender of $62, at this time, seems absurd. If you wish to make your attorneys wealthier, I can show you more productive ways to do so. Or, if you simply want publicity, I can also help you in that regard without your having to make unnecessary expenditures.

Sincerely,

Carl C. Icahn

Chairman of the Board

About ImClone Systems

ImClone Systems Incorporated is a fully integrated global biopharmaceutical company committed to advancing oncology care by developing and commercializing a portfolio of targeted biologic treatments designed to address the medical needs of patients with a variety of cancers. The Company's research and development programs include growth factor blockers and angiogenesis inhibitors. ImClone Systems' headquarters and research operations are located in New York City, with additional administration and manufacturing facilities in Branchburg, New Jersey. For more information about ImClone Systems, please visit the Company's web site at http://www.imclone.com.

Important Information about the Press Release

The tender offer referred to in this press release has not commenced and this press release is neither an offer to buy nor invitation to purchase any securities, or an offer to sell any securities. This does not constitute a recommendation as to any tender offer nor does this communication constitute a solicitation of any vote or approval.

Investors and security holders are urged to read any disclosure documents filed with the SEC including any tender offer statement and Imclone Systems' recommendation when it is available because they contain important information. Investors and security holders will be able to obtain a free copy of the disclosure documents and recommendation (when they are available) and other documents filed with the SEC at the SEC's website at http://www.sec.gov or from Imclone Systems at its office at 180 Varick Street, New York, NY 10014

Forward Looking Information

Certain matters discussed in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those currently expected. Many of these factors are beyond the Company's ability to control or predict. Important factors that may cause actual results to differ materially and could impact the Company and the statements contained in this news release can be found in the Company's filings with the Securities and Exchange Commission, particularly those factors identified as "risk factors" in the Company's most recent annual report of Form 10-K and in its quarterly reports on Form 10-Q and current reports on Form 8-K. For forward-looking statements in this news release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.


'/>"/>
SOURCE Carl Icahn
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Icahn Confirms Intention to Nominate Three Directors at Biogen
2. Protein Sciences Responds to Emergent BioSolutions Lawsuit
3. Neuftec Responds to a Fundamental Inaccuracy in Oxonica PLCs Regulatory Announcement
4. Neuralstem Responds to New StemCells, Inc. Lawsuit
5. AGA Medical Corporation Responds to Occlutech Statement on the Status of the Ongoing Patent Litigation in Europe
6. MichBio Responds to Governors Plan to Repeal Tort Reform Laws
7. CellCyte Genetics Corp. Responds to Plaintiff Law Firm Press Releases
8. Bio-Identical Hormone Menopause Doctor Responds to Recent FDA News About Estriol
9. Bio-Identical Hormone Menopause Doctor Responds to Outrageous FDA News
10. CryoLife Responds to Inaccurate Assertions from Plaintiffs Attorney
11. GlaxoSmithKline Responds to JAMA Article on the ICES Thiazolidinediones and Cardiovascular Outcomes in Older Patients with Diabetes
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/12/2017)... ... October 12, 2017 , ... ... prospective clinical study that demonstrates the accuracy of the FebriDx® test, a ... significant acute bacterial and viral respiratory tract infections by testing the body’s ...
(Date:10/12/2017)... ... October 12, 2017 , ... ... first-ever genomics analysis platform specifically designed for life science researchers to analyze ... pioneering researcher Rosalind Franklin, who made a major contribution to the discovery ...
(Date:10/11/2017)... ... October 11, 2017 , ... Personal eye wash is a basic first aid supply for any ... So which eye do you rinse first if a dangerous substance enters both eyes? It’s ... Wash with its unique dual eye piece. , “Whether its dirt and debris, or ...
(Date:10/11/2017)... Oct. 11, 2017  VMS BioMarketing, a leading provider of ... oncology Clinical Nurse Educator (CNE) network, which will launch this ... communication among health care professionals to enhance the patient care ... staff, and other health care professionals to help women who ... ...
Breaking Biology Technology:
(Date:5/23/2017)... first robotic gym for the rehabilitation and functional motor sense evaluation of ... Italy . The first 30 robots will be available from June ... . The technology was developed and patented at the IIT laboratories and ... thanks to a 10 million euro investment from entrepreneur Sergio Dompè. ... ...
(Date:4/24/2017)... -- Janice Kephart , former 9/11 Commission ... LLP (IdSP) , today issues the following statement: ... 6, 2017 Executive Order: Protecting the Nation ... instilled with greater confidence, enabling the reactivation of ... are suspended by until at least July 2017). ...
(Date:4/13/2017)... MONICA, Calif. , April 13, 2017 ... New York will feature emerging and evolving ... Summits. Both Innovation Summits will run alongside the expo ... of speaker sessions, panels and demonstrations focused on trending ... coast,s largest advanced design and manufacturing event will take ...
Breaking Biology News(10 mins):