Never mind reports earlier today that Eli Lilly - not Pfizer - is the mystery suitor willing to outbid Bristol-Myers Squibb. Carl Icahn, the biotech’s hard-nosed chairman, just issued a brief statement saying the proposal is going forward, but wouldn’t say anything about the identity of the suitor. Notably, he didn’t deny it was Lilly. And Lilly reportedly did not deny its interest in ImClone. Anyway…

“Carl Icahn, Chairman of the Board of ImClone Systems Incorporated, stated that the large Pharma company has completed due diligence and made a proposal not subject to financing or further due diligence. Negotiations between the parties are underway and the large Pharma company has requested that ImClone not divulge its name until negotiations are completed.”

The biotech company, which last week rejected an unsolicited offer from Bristol-Myers Squibb to acquire it for $5.4 billion, or $62 per share, hopes by midnight on Wednesday to have a $70-a-share deal with its mystery suitor. At issue is the Erbitux cancer med - ImClone’s only product - and a follow-up being developed. Oncology is all the rage among big drugmakers looking for that next big market (back story).