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Bristol-Myers says has rights to Erbitux successor

Mon Aug 4, 2008 2:16pm EDT
 
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BOSTON, Aug. 4 (Reuters) - Bristol-Myers Squibb Co. (BMY.N: Quote, Profile, Research, Stock Buzz) said on Monday it believes it has the rights to IMC-11F8, a potential successor to ImClone Systems Inc's (IMCL.O: Quote, Profile, Research, Stock Buzz) cancer drug Erbitux.

"We believe we have the rights to IMC-11F8 under our existing contractual agreement," a Bristol-Myers spokesman said.

Bristol-Myers also denied charges by billionaire investor Carl Icahn, ImClone's chairman, that it had received confidential information from its representative on ImClone's board.

"We have and continue to take measures to ensure our representative does not inappropriately share confidential information," he said.

Bristol has made an offer to buy the shares of ImClone it does not already own for $60 a share. ImClone has said it considers that figure too low. And ImClone has said it believed it held the rights to IMC-11F8. (Reporting by Toni Clarke, editing by Gerald E. McCormick)

 

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