Jones Lang LaSalle


ImClone may sell itself or merge
January 24, 2006

ImClone Systems Inc. said it may sale itself or merge with another company, and appointed a board member as interim chief executive.

(AP) — ImClone Systems Inc. on Tuesday said it may sale itself or merge with another company, and appointed board member Joseph L. Fischer as interim chief executive. The maker of colorectal cancer treatment Erbitux, which became ensnared in an insider trading scandal in 2001, said it hired Lazard to help it review its alternatives. The Manhattan company may also consider a strategic alliance, and will consult with its partners during the process.

ImClone said Mr. Fischer, a member of its board since 2003, will replace Philip Frost, who was named interim CEO in November. Former CEO Daniel S. Lynch resigned in November for unspecified reasons. ImClone said it doesn't plan to disclose further information about the strategic review until the process is completed or it reaches an agreement. The company's stock scandal also caused lifestyle retailer and media mogul Martha Stewart to serve jail time in 2004 for lying about her sale of ImClone stock.