In the wake of a judge’s ruling that stripped ImClone Systems Inc. of key exclusive patent rights, the biotech’s biggest rival wasted little time taking advantage of the situation. Meanwhile, new ImClone director Carl Icahn blasted management for the patent loss and for ImClone’s “sorry record” in general, in what could lead to a full-blown power struggle.
At Wednesday’s annual meeting of ImClone shareholders in New Jersey, longtime investor Icahn, who owns nearly 14 percent of the company, was elected a director. So were two of his allies, which brings his faction on the board to four out of a total of 12 directors.
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