Biotechnology firm ImClone said on Thursday that it had failed to find a buyer for the company six months after beginning its search at the beginning of the year.
The New York-based biotechnology company, known for producing Erbitux, a cancer treatment drug, initiated the strategic review January this year. The drug, a significant contributor to the latest quarterâ€™s 62 percent profit, was the main attraction for buyers.
Questions about the company included how it would deal with legal battles that could imperil is Erbitux patents and competition from similar drugs.
Some previous black marks on the company came in 2003, when the firmâ€™s CEO, Samuel Waksal , was arrested for securities fraud.
Interim CEO Joseph L. Fischer said in a statement that the offers received for the company â€œdid not match the value potentialâ€ of ImClone.
The company says it will now find a permanent CEO. Fischer had agreed to continue running the company and remain interim CEO during the search process.