NEW YORK (Standard&Poor's) July 31, 2008--Standard&Poor's Ratings Services said today that its ratings and outlook on Bristol-Myers Squibb Co.'s (A+/Stable/A-1) remain unchanged on its proposal to acquire ImClone Systems Inc. unrated for $60 per share in cash, or a total payment of approximately $4.5 billion of cash. Bristol-Myers Squibb currently owns approximately 17% of all outstanding shares of ImClone. The proposed acquisition is consistent with management's strategy to expand its biopharmaceutical presence as well as strengthen Bristol-Myers' key oncology franchise. ImClone focuses on developing novel antibodies to treat cancer. Bristol-Myers already co-promotes Erbitux with ImClone in the U.S. Thus, the company is intimately familiar with ImClone's top product. Bristol-Myers also gains access to ImClone's product pipeline,
