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Icahn files to increase interest in company

Wednesday, June 8, 2005 | 9:21 a.m.

NEW YORK -- Biotechnology company ImClone Systems Inc. said Tuesday that financier Carl Icahn filed with antitrust regulators for clearance to invest more than $100 million in the company, including already acquired shares. The filing sets an investment ceiling of $500 million.

ImClone shares jumped $1.73, or 5.7 percent, to $31.89 in after-hours activity, having closed earlier up 5 cents at $30.16 on the Nasdaq Stock Market.

As of March 15, the billionaire investor owned about 5 million ImClone shares, or close to 6 percent of its outstanding stock, according to a Securities and Exchange Commission filing. That's worth about $150.8 million at Tuesday's closing price, but ImClone spokesman David M. F. Pitts said antitrust legislation figures the value of such stakes according to the amount paid, rather than the current value.

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