July 31: Bristol-Myers Squibb bids for Imclone

Brooke Masters explains why Bristol-Myers Squibb is keen to acquire Imclone, maker of cancer drug Erbitux. The deal stems from a need among big pharmaceutical groups to build their drug pipelines - and to stave off interest from private equity groups, and already there are signs that Imclone chairman Carl Icahn will be able to get more than the $60 per share its suitor is now offering