Icahn Responds to Cornelius

NEW YORK, Sept. 23/PRNewswire/ImClone Systems Incorporated , announced today that the following letter was sent by Carl Icahn, its Chairman of the Board, to James Cornelius of Bristol-Myers Squibb Company :

September 23, 2008, 2008

Mr. James M. Cornelius

Chairman and Chief Executive Office

Bristol-Myers Squibb Company

345 Park Avenue

New York, NY 10154

Dear Jim:

Your letter of yesterday contains inaccuracies which are misleading to our shareholders. Your statements that there have not been any meaningful discussions concerning your proposal have no basis in fact. Indeed during the last few weeks we told you we would be happy to meet if you wished to increase your offer to which you replied you had no intention to do. I also told you a large Pharma company had offered $70 subject to due diligence and the diligence will be over on Sunday, September 28, 2008. In light of these facts, your tender of $62, at this time, seems absurd. If you wish to make your attorneys wealthier, I can show you more productive ways to do so. Or, if you simply want publicity, I can also help you in that regard without your having to make unnecessary expenditures.

Sincerely,

 

Carl C. Icahn

Chairman of the Board

ImClone Systems Incorporated is a fully integrated global biopharmaceutical company committed to advancing oncology care by developing and commercializing a portfolio of targeted biologic treatments designed to address the medical needs of patients with a variety of cancers. The Company's research and development programs include growth factor blockers and angiogenesis inhibitors. ImClone Systems' headquarters and research operations are located in New York City, with additional administration and manufacturing facilities in Branchburg, New Jersey. For more information about ImClone Systems, please visit the Company's web site at http://www.imclone.com.

The tender offer referred to in this press release has not commenced and this press release is neither an offer to buy nor invitation to purchase any securities, or an offer to sell any securities. This does not constitute a recommendation as to any tender offer nor does this communication constitute a solicitation of any vote or approval.

 

Investors and security holders are urged to read any disclosure documents filed with the SEC including any tender offer statement and Imclone Systems' recommendation when it is available because they contain important information. Investors and security holders will be able to obtain a free copy of the disclosure documents and recommendation (when they are available) and other documents filed with the SEC at the SEC's website at www.sec.gov or from Imclone Systems at its office at 180 Varick Street, New York, NY 10014

CONTACT: Tracy Henrikson, Corporate Communications, ImClone SystemsIncorporated, +1-908-243-9945, ; or Rebecca Gregory,Corporate Communications, ImClone Systems Incorporated, +1-646-638-5058 MEDIA@IMCLONE.COM

Web site: http://www.imclone.com/

Ticker Symbol: (NYSE:BMY),(NASDAQ-NMS:IMCL)

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Posted: September 2008


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