FTC gives nod to Carl Icahn for ImClone stock. (Markets: Life Sciences).(Federal Trade Commission approves stock purchase)(Brief Article)(Statistical Data Included)

Chemical Market Reporter, February, 2002 by Krause, Carey

ANOTHER TWIST in the shaky $2 billion partnership between Bristol-Myers Squibb Company (BMS) and ImClone Systems Inc. occurred last week when the Federal Trade Commission (FTC) gave clearance for financier Carl C. Icahn to purchase $500 million of ImClone stock or roughly 40 percent of the company. The FTC clearance followed the adoption of a shareholder rights program by ImClone.

Earlier this month, Mr. Icahn filed for clearance with the FTC and the Department of Justice to acquire up to $500 million of ImClone's stock. The FTC granted Mr. Icahn early termination of the waiting period under the Hart-Scott-Rodino Act. The full waiting period would have expired on March 4. The FTC early termination notice now allows Mr. Icahn to start buying ImClone shares....

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