RENEE MONTAGNE, Host: This summer, pharmaceutical company Bristol-Myers Squibb made an offer of four and a half billion dollars for Imclone. Imclone's board chairman Carl Icahn said it was not enough. Now Icahn says he has a higher bid from another drug maker. He won't say which one that is. The bidding is part of a larger trend among big traditional drug makers snapping up smaller innovative biotech companies to boost their product lines.
Imclone's cancer drug, Erbitux, is doing well and now the company seems to be the target of a bidding war. Earlier, pharmaceutical company Bristol Myers Squibb made an offer of more than $4 billion for Imclone.