Lone Bristol-Myers rep on ImClone board resigns

The only member of ImClone Systems Inc.'s board of directors representing Bristol-Myers Squibb Co., the drugmaker trying to acquire ImClone, has resigned.

John E. Celentano, who was nominated by Bristol-Myers to serve on the five-member board, resigned Monday, according to a regulatory filing made by Bristol-Myers late Tuesday.

Bristol-Myers spokesman Brian Henry declined to comment.

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The company said there were no immediate plans to fill the spot.

Bristol-Myers, which partners with ImClone in marketing the biotech company's only product, cancer drug Erbitux, offered $60 per share on July 31 for the 83 percent of ImClone it doesn't already own.

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ImClone rejected that two weeks ago, saying it had an unidentified suitor offering $70 a share. Bristol-Myers increased its offer to $62 on Monday, saying that it would seek consent from ImClone shareholders to replace that company's entire board.

ImClone Chairman Carl Icahn, the billionaire corporate raider, rejected the higher offer late Tuesday.