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COPYRIGHT 2002 All rights reserved. Reproduced by permission of The Condé Nast Publications Inc.
The way things are going, the question most often asked of corporate C.E.O.s will no longer be "How are you going to boost your stock price?" Instead, it will be "What did you know and when did you know it?" Executives at Enron and at Arthur Andersen have been facing that one for a while, and now executives at ImClone Systems, Inc., a biotech firm based in Tribeca, are, too.
Until December, ImClone Systems was one of the most highly touted biotechnology companies in America, thanks to a cancer-fighting drug called Erbitux. Even while Erbitux was still being tested, ImClone was pitching it as a potential blockbuster that would revolutionize cancer treatment. Wall Street and the business press were sweet on Erbitux as well. In July, Business Week put the drug on its cover, and the Times called it "the...
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