Pharma BD Deal Intelligence
BMS never acquired ImClone outright — it bought a ~20% equity stake plus a co-promotion alliance for Erbitux, which became a real oncology blockbuster, but BMS lost control of the asset entirely when Eli Lilly won the 2008 bidding war and BMS exited North American rights by 2015.
Full analysis, sources & comparables →CEO Peter Dolan: 'ImClone Systems' IMC-C225 represents one of the most important advances in cancer medicine since the introduction of TAXOL in 1991... focuses…
Analyst Krensavage said Erbitux 'could have carried them through the patent expirations, but without it they faltered. The ImClone problem reflected their…
The 2001 BMS-ImClone deal was renegotiated in 2002 after an FDA Refuse-to-File letter, and BMS later acquired ImClone outright in 2008 for $6.5B at $70/share.
Source summaries from our enrichment pipeline; follow links for originals.
All 6 sources with sentiment breakdown →
BMS-ImClone Erbitux (cetuximab) co-development/commercialization; $1B equity tender at 75% premium for 19.9% stake plus $1B in milestones. Renegotiated 2002 after FDA RTF letter.
BMS never acquired ImClone outright — it bought a ~20% equity stake plus a co-promotion alliance for Erbitux, which became a real oncology blockbuster, but BMS lost control of the asset entirely when Eli Lilly won the 2008 bidding war and BMS exited North American rights by 2015.
Assessment window: 15yr post-close.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Bristol-Myers Squibb Company / ImClone Systems Incorporated (this deal) | 2001 | $2.0B | 61 |
| Bristol-Myers Squibb Company / Medarex Inc. | 2009 | $2.4B | 92 |
| Bristol-Myers Squibb Company / Celgene Corporation | 2019 | $74.0B | 77 |
| Bristol-Myers Squibb Company / MyoKardia Inc. | 2020 | $13.1B | 76 |
| Bristol-Myers Squibb Company / Karuna Therapeutics | 2023 | $14.0B | 76 |
| Bristol-Myers Squibb Company / Ono Pharmaceutical Co., Ltd. | 2011 | — | 76 |
| Bristol-Myers Squibb Company / SystImmune Inc. | 2023 | $8.4B | 71 |