Analyst Expects Immediate $70/Share Offer for ImClone (IMCL) from Bristol-Myers Following News

This morning, ImClone Systems (NASDAQ: IMCL) Chairman Carl Icahn noted that the have determined that the $60 per share offer from Bristol-Myers Squibb Company (NYSE: BMY) is inadequate and said that the company has received a $70 per share acquisition offer from a large pharmaceutical company.

There is speculation that this mystery bidder could be Pfizer Inc. (NYSE: PFE), Merck (NYSE: MRK), Glaxosmithkline plc (NYSE: GSK), Novartis AG (NYSE: NVS) or Eli Lilly (NYSE: LLY).

Commenting on this news, Deutsche Bank said this news will force Bristol-Myers Squibb's hand to offer $70 with no due diligence conditions immediately. They said, "Our best guess, is that BMY winds up acquiring IMCL for $70, and that this is a good strategic and financial deal for BMY at that price."

Shares of ImClone are up 7% to $68 this AM.

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