Why All the ImClone Interest? Its Pipeline

Eli Lilly, hungry to bulk up in better-protected oncology drugs, outbid Bristol-Myers Squibb for Carl Icahn's hot property

ImClone Systems (IMCL) is finally escaping its scandal-plagued past to become biotech's most desirable property, at least for the moment. That may seem odd, given that its sole product on the market—the cancer drug Erbitux—has not lived up to initial expectations. But industry experts say takeover interest from Eli Lilly (LLY), which on Oct. 6 said it will pay $6.5 billion in cash, is ImClone's future, not its past.

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