ImClone Systems

ImClone's 2002 crisis—triggered by FDA rejection of cancer drug Erbitux—illustrates how single-product biotechs face binary survival odds. Martha Stewart's famous insider trading conviction was merely symptom of deeper problem: the company's entire value depended on one drug approval decision. Like a species that reproduces once then dies, ImClone was all-in on Erbitux. Ironically, later approval led to Eli Lilly acquisition for $6.5 billion.