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Examples
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He ran this biotech company called Imclone and when he found out that the FDA was not going to be approving the one drug they had, he essentially counseled his family members to dump the stock.
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He added a statement that activism usually takes "longer than you believe it will," especially in the biotech sector, citing as examples past moves on Imclone Systems Inc., Genzyme Corp., and Biogen Idec Inc.
Forest Labs Holders Reject Icahn Slate Melodie Warner 2011
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Mr. Waksal, who separately pleaded guilty to criminal charges, sold a substantial amount of his holdings in Imclone and encouraged others to sell after he learned in 2001 that the U.S. Food and Drug Administration was about to announce it had rejected ImClone's cancer drug, Erbitux, the SEC said.
Rajaratnam Ordered to Pay Record SEC Penalty Chad Bray 2011
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Ms. Stewart was convicted in 2004 on multiple counts of obstruction of justice related to her well-timed sale of Imclone Systems stock.
Martha Stewart Rejoins Board of Namesake Company Lauren Pollock 2011
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Lilly hasn't done a major deal since 2008, when it agreed to buy biotech concern Imclone Systems for $6.5 billion.
Eli Lilly Explores Partnership Dana Cimilluca 2011
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& Co. Still, the company expects to receive about $1 billion for its 17% stake in Imclone and it continues to have long-term marketing rights to Erbitux in the U.S. and Canada.
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Last month, Imclone and Bristol Myers said an advanced-stage study showed that adding Erbitux to platinum-based chemotherapy improved survival rates in patients with head and neck cancer.
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Bristol-Myers closed Thursday at $20.51 and Imclone closed at $68.69.
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Imclone revealed the bid in a filing with the Securities and Exchange Commission on Wednesday, but it did not specify the company that made it.
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Imclone CEO Daniel Lynch, for example, receives nearly $100,000 toward country club fees.
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