ImClone is a Delaware corporation headquartered in New York, New York. During 2001, ImClone's securities were registered with the Commission pursuant to Section 12 (g) of the Exchange Act and traded on The Nasdaq Stock Market. ImClone is a biopharmaceutical company currently developing several cancer treatments, including its lead product, Erbitux.
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What happened to ImClone stock?
IMCLONE SYSTEMS : Lilly Commences Cash Tender Offer for ImClone Systems at $70 Per Share. PR. 2008. IMCLONE SYSTEMS : Lilly bids $6.5 billion for ImClone. RE. 2008. IMCLONE SYSTEMS : Lilly to acquire ImClone Systems in $6.5 billion transaction. RE. 2008.
What is ImClone Systems Inc?
ImClone's stock price dropped sharply at the end of 2001 when its drug Erbitux, an experimental monoclonal antibody, failed to get the expected Food and Drug Administration (FDA) approval. It was later revealed by the U.S. Securities and Exchange Commission that numerous executives sold their stock before the announcement of the decision after the close of trading on …
What is the history of ImClone?
Find the latest 2053097 (IMCL) stock quote, history, news and other vital information to help you with your stock trading and investing.
Is ImClone owned by Lilly?
ImClone Systems Inc., a biotech company based in New York City, is best known for a highly publicized stock scandal that involved its founder and longtime CEO, Samuel Waksal, and his celebrity friend Martha Stewart.
Why did Martha Stewart sell ImClone stock?
What happened ImClone stock?
What is the company ImClone?
What was Martha Stewarts stock?
Did Martha Stewart do insider trading?
When did Lilly buy ImClone?
Who are the founder of ImClone?
What's considered insider trading?
What happened to Martha Stewart's company?
What happened to Martha Stewart's broker?
June 13, 2002
A day after being arrested on charges he illegally acted on insider information about selling shares of his company's stock, Waksal is sworn in on Capitol Hill, where he testified before a House Commerce subcommittee hearing.
Oct. 10, 2002
Harlan Waksal, Samuel Waksal's brother and co-founder of the company, eventually took over as the company's chief before resigning in July 2003. Here he testifies before a U.S.
March 4, 2005
Despite Stewart's requests to serve out the sentence near her home in Connecticut or near her mother in Florida, Stewart was ordered to report to the Alderson Federal Reformatory for Women -- affectionately known as "Camp Cupcake" -- in Alderson, W. Va.
October 2006
About three years after Waksal was convicted of insider trading, activist investor
Oct. 6, 2008
Looking to broaden its pipeline of cancer treatments, biotech firm Eli Lilly acquired ImClone for about $6.5 billion -- a deal that priced ImClone stock at $70 per share. Lilly beat out rival
Insider trading scandal
ImClone's stock price dropped sharply at the end of 2001 when its drug Erbitux, an experimental monoclonal antibody, failed to get the expected Food and Drug Administration (FDA) approval. It was later revealed by the U.S.
Compassionate use controversy
The FDA approved the aforementioned colorectal cancer drug, Erbitux, on February 12, 2004. In May 2001, while ImClone was still seeking approval for the drug (then known as IMC-C225), the CBS news program "60 Minutes" aired a story about two cancer patients' struggles to obtain "compassionate use" of the drug.
Carl Icahn acquisition
On October 25, 2006, a group led by billionaire investor Carl Icahn acquired a majority of stock thereby giving him control of the board. Within hours of the announcement, interim CEO Joseph Fischer resigned, and Icahn announced that other members of the Board of Directors would not be re-elected.
Takeover offer from Bristol-Myers Squibb, and subsequent bidding showdown
On July 31, 2008, Bristol-Myers Squibb offered to take over ImClone for $60 a share cash. The offer was made by letter addressed to ImClone's chairman of the board, Carl Icahn.
Overview
A U.S. Securities and Exchange Commission and U.S. Attorney probe of trading in the shares of ImClone Systems resulted in a widely publicized criminal case, which resulted in prison terms for businesswoman and television personality Martha Stewart, ImClone CEO Samuel D. Waksal and Stewart's broker at Merrill Lynch, Peter Bacanovic.
History
ImClone's stock price dropped sharply at the end of 2001 when its drug Erbitux, an experimental monoclonal antibody, failed to get the expected Food and Drug Administration (FDA) approval. It was later revealed by the U.S. Securities and Exchange Commission that prior to the announcement (after the close of trading on December 28) of the FDA's decision, numerous executives sold their stock. ImClone's founder, Samuel D. Waksal, was arrested in 2002 on inside…
Indictment and SEC charges
Waksal was arrested June 12, 2002, on charges of conspiring to commit insider trading. On October 15, he pleaded guilty to charges of securities fraud, bank fraud, obstruction of justice, and perjury.
On March 3, 2003, he pleaded guilty to charges of conspiracy and wire fraud for avoiding $1.2 million in sales taxes on $15 million in artwork. The art included works by Mark Rothko, Richard S…
Trial
Stewart's trial was initially set for January 12, 2004, at the request of her lawyers who said they needed more time to analyze the evidence. The trial eventually began on January 20 in New York City presided over by U.S. District Judge Miriam Goldman Cedarbaum. During the trial, Stewart maintained her innocence.
On February 27, 2004, Judge Cederbaum dismissed the charge of securities fraud, which could …
Repercussions and aftermath
On March 8, 2004, Viacom pulled Martha Stewart Living from its CBS and UPN affiliates, after having moved the show during Stewart's trial from prime daytime timeslots into less desirable early-morning slots (e.g., 2:05 am in New York); the show was distributed by another Viacom division, King World Productions. On March 15, Stewart resigned from the board of Martha Stewart Living Omnimedia. Stewart had already resigned from the boards of The New York Stock Exchange and Revlon …
External links
• Grand Jury Indicts Martha Stewart – New York Times, June 4, 2003
• BBC News Online – Commentary of her jailing
• BBC News Online – Martha Stewart lambastes jail food
June 13, 2002
Oct. 10, 2002
July 16, 2004
March 4, 2005
October 2006
Oct. 6, 2008
- Looking to broaden its pipeline of cancer treatments, biotech firm Eli Lilly acquired ImClone for about $6.5 billion -- a deal that priced ImClone stock at $70 per share. Lilly beat out rival Bristol-Myers Squibb (BMY) - Get Bristol-Myers Squibb Company Report , which held a partnership to market ImClone's flagship cancer drug, Erbitux, in the U.S....
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Overview
ImClone Systems Incorporated was a biopharmaceutical company dedicated to developing biologic medicines in the area of oncology. It was founded in 1984 and had its corporate headquarters in Bridgewater, New Jersey, and its research headquarters in New York City. On October 6, 2008, it accepted a $6.5 billion acquisition offer from Eli Lilly and Company, and became a fully-owned subsidiary of Eli Lilly and Company on November 24, 2008. Prior to the ac…
Insider trading scandal
Compassionate use controversy
Carl Icahn acquisition
Yeda/Aventis/Imclone patent dispute
Takeover offer from Bristol-Myers Squibb, and subsequent bidding showdown
See also
External links