ImClone on Wednesday formally rejected a $60-per-share offer from Bristol-Myers Squibb to buy the 83 per cent of the company it does not already own, and countered Bristol-Myers’ offer by disclosing that it has received a $70-per-share bid from another suitor.

ImClone, the cancer-focused biotechnology company chaired by Carl Icahn, solidified a stance it had taken in early August and ruled that Bristol-Myers’ offer was too low.