NEW YORK (AP) -- Biotechnology company ImClone Systems Inc. says it is considering a buyout offer worth $70 per share from an unidentified large pharmaceutical company, and rejected a $60-per-share bid from Bristol-Myers Squibb Co.
ImClone says Chairman Carl Icahn has been in talks with the chief executive of the pharmaceutical company that made the new offer. ImClone's board will allow the potential buyer two weeks to do due diligence. ImClone says it has not decided if the offer is adequate.
The new offer would be a premium of 10 percent to ImClone's Tuesday closing price of $63.65.
ImClone also formally rejected the $4.5 billion offer made July 31 by Bristol-Myers, its partner in selling the cancer drug Erbitux.
(Copyright 2008 by The Associated Press. All Rights Reserved.)