Is Imclone Still Inclined To Deal?By
For weeks during the summer, shares of ImClone Systems (IMCL) had been hovering between 12 and 14, not only because the company has developed exciting anticancer products but because of rumors that a pact with a strategic partner was imminent. By late September, the hot money in the stock became impatient and bailed out. Result: ImClone plummeted, closing at a 1998 low of 5 15/16 on Oct. 6. Not so fast, says biotech maven Jim McCamant, editor of the Medical Technology Stock Letter in Berkeley, Calif. McCamant believes that a deal is in the works involving a European pharmaceutical company.
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