ImClone Hires Lazard to Explore Potential Sale

ImClone Systems Inc. said it had hired investment bank Lazard Ltd. to explore the potential sale or merger of the company as competition for its colon cancer drug Erbitux heats up.

Investors are skeptical that the New York-based company will easily find a buyer.

Some analysts said the most obvious purchaser would be Bristol-Myers Squibb Co., which owns about 20% of ImClone and is in charge of the clinical development of Erbitux.