Bristol-Myers Squibb has offered approximately $4.5 billion to buy ImClone, its development partner in cancer treatment Erbitux. BMS already owns 17% of ImClone shares through its development deal, so the all-cash offer puts a 30% premium on ImClone’s share price. Said BMS chairman and chief executive officer James M. Cornelius, “Our proposed acquisition of ImClone represents an evolutionary development in our companies’ seven-year-long relationship, and is in the best interests of Bris...