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ImClone-and Bristol-Meyers-Takes FDA Hit
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Business New Haven
1/7/2002
By: BNH
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New York-Shares of ImClone Systems, Inc.(NASDAQNM:IMCL) fell sharply after the Food and Drug Administration refused to accept the company's application for its new cancer drug, Erbtux.
Three months ago, Bristol-Myers Squibb Co. (NYSE:BMY) agreed to co-develop and co-promote the drug in the United States, Canada and Japan. As part of that deal, the company was to pay ImClone a total of $1 billion in three cash installments upon the achievement of certain milestones. One of the milestones was completing the submission with the FDA. In the wake of the FDA announcement, BMY shares were off slightly.
In an interview, Sam Waksal, ImClone's chief executive, said he expected the launch of Erbitux to be delayed until at least the summer.
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