Drug sector dealmaking activity grew hot on Thursday , as Bristol-Myers Squibb refused to take ImClone’s bait and raise its unsolicited takeover offer, while Alpharma launched a sale process after suitor King Pharmaceuticals threatened to take an increased bid straight to shareholders.
Cancer-focused drugmaker ImClone disclosed on Wednesday that an unnamed rival bidder was interested in buying the company for $70 per share. But Bristol-Myers refused on Thursday to raise its $60 per share bid, which would give it control of the 83 per cent of ImClone it does not already own.
