News bites

Green factories
The 4-year SmartCell project aims to turn plant cells into medical factories. Plants generate valuable secondary metabolic compounds that are too complex to economically chemically synthesise. The project will be coordinated by the VTT Technical Research Centre of Finland and will focus on methods for producing these compounds.
http://www.vtt.fi/

Searching the seas
Could studying microbes in tropical seas reveal new drugs and biofuels? A group of American and Philippine scientists are about to find out after securing a grant worth €3 million. The unique project will focus on the Philippine archipelago, which is regarded by marine biologists as the world's epicentre of marine biodiversity.
http://www.ohsu.edu/

Battling mould
A research networking programme to study the basic genetic and molecular mechanisms employed by A. fumigatus has been launched by the European Science Foundation. Infection with A. fumigatus often has lethal consequences for patients with a compromised immune system, and has even been responsible for death in healthy individuals. The FUMINOMICS programme will use an approach that includes bioinformatics, proteomics, physiology and medicine.
http://www.esf.org/

Sign up for our weekly e-Alert at http://www.ptemag.com/ealert

Lilly emerges victorious

ImClone's future is decided with an offer worth more than €4 billion

Eli Lilly has beaten Bristol-Myers Squibb (BMS) in the fierce battle to acquire ImClone with a huge all cash tender offer of $70 (€51) per share, a 51% premium to ImClone's closing stock price on 30 July 2008. The acquisition is expected to create a leading oncology franchise as ImClone boasts an impressive pipeline of several molecules in mid- to late-stage development for almost all major solid tumour types.

Prior to the announcement, barbs had been exchanged between ImClone and BMS, which originally made an offer of $60 (€44) per share to acquire ImClone in August. The tender was later raised to $62 (€45) per share with BMS also accusing ImClone of creating "a protracted period of uncertainty" among its stockholders and employees with its "lack of transparency". Carl Icahn, CEO of ImClone, rejected the bid, referring to it as "hostile" and "absurd", especially as it had another potential buyer.

Despite losing out to Lilly, BMS will still benefit from the acquisition as it owns 14.4 million shares of ImClone. The company also claims it has long-term marketing rights to ImClone's IMC-11F8 that, if approved, could have a significant competitive effect on ERBITUX, which is currently marketed by ImClone's partners BMS and Merck KGaA. However, ImClone says: "We disagree that BMS's rights are clear and do not waive any rights that we may have with regard thereto."

The battle for ImClone may have ended, but a new fight may be just beginning with regard to IMC-11F8.
http://www.lilly.com/
http://www.imclone.com/
http://www.bms.com/