ImClone To Remain Independent

ImClone Systems plans to remain independent after several bidders failed to meet ImClone’s price in an auction that began in January, according to interim chief executive officer Joseph Fischer. Also, Carl C. Icahn has joined the company’s board and will be adding another board member of his choice. Mr. Icahn currently has a 10% stake in the company. The company is currently looking for a new chief executive officer.

According to a company statement, ImClone no longer wants to be acquired because of surging sales of Erbitux, which is approved to treat colorectal cancer and head and neck cancer. The company is hoping to win approval for the drug in lung cancer and pancreatic cancer. Erbitux may face competition beginning next month from Amgen’s similar drug, panitumumab.