ImClone's Sam Is Steppin' Out

Insider trader Sam Waksal, toting a bag from Smythson, a luxury leather shop.
New York Post/Robert Kalfus
Insider trader Sam Waksal, toting a bag from Smythson, a luxury leather shop.

A photographer for the "New York Post" snapped this picture last night of a nattily dressed Sam Waksal returning to a halfway house in the Bronx after going on a little shopping trip.

Two Post reporters also worked the story of the former ImClone Systems CEO's first few days out of federal prison after I blogged late last week that CNBC confirmed Waksal had returned to New York.

The Post says Waksal is getting preferential treatment at the halfway house, which also let him go free from Friday through Sunday. Did anyone out there spot him at some old haunts in his Hamptons stomping grounds? I'm not certain if he can leave the confines of the New York boroughs. And I don't think he can hang out with another ex-con like his old friend Martha Stewart.

He also can't go near Manhattan-based ImClone . Not physically, but fiscally.

Shares of the company he founded are still trading about $4 higher than the price Bristol-Myers Squibb has offered to buy the rest of the company it doesn't already own. The two are partners on the cancer drug Erbitux.

In a research note to clients this morning, Leerink Swann big pharma analyst Seamus Fernandez writes that he wouldn't be surprised to see the ultimate takeout price around 70 bucks. For now, though, Bristol officials insist their offer is "full and fair."

Fernandez also breaks down the projected negative impact the different prices will have on BMY's earnings, but how the hit might be absorbed by so-called synergies -- M&A-speak for cost-cutting. Finally, he sees U.S. Erbitux sales growing at a compounded annual growth rate of 23 percent, from $825 million this year to $1.8 billion in 2012.


Leerink Swann makes a market in IMCL and may trade in BMY.

Questions? Comments?