Bristol-Myers offers $60/shr for ImClone

NEW YORK (Reuters) - Bristol-Myers Squibb Co (BMY.N: Quote, Profile, Research) offered to buyout the remaining stake in its biotechnology partner ImClone Systems Inc (IMCL.O: Quote, Profile, Research) for $60 a share in a deal to gain full control of the cancer drug Erbitux.

The bid, revealed in a regulatory filing on Thursday, represents a premium of 30 percent over ImClone's closing stock price on Wednesday. Bristol already owns 16.6 percent of ImClone's outstanding shares, according to the filing.

ImClone shares jumped 44.5 percent to $67.13 in pre-market trading, well above the offer price.

COMMENTS
BRIAN RYE, ANALYST, JANNEY MONTGOMERY SCOTT.

"I think from Bristol's perspective they are trying to get ahead of potential positive events for ImClone that could push the value of ImClone's shares up by themselves."

"I think that $60 is insufficient given what ImClone is likely to look like 12 to 18 months from now, and the stock is reacting accordingly."

"I think they may have to pay closer to a 50 percent premium."

"ImClone has a superb pipeline, and I think you have to value that somehow."

MORTON PIERCE, CHAIRMAN, DEWEY & LEBOEUF'S MERGERS AND ACQUISITIONS GROUP, IN NEW YORK

"It makes sense to consolidate the drug industry. It's a way of cutting cost and getting firmer control on a pipeline of drugs."

"Obviously people expect that this deal is going to settle out at a higher price. Whether it's Bristol-Myers or somebody else, they expect a higher price."