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Bristol-Myers Squibb Buys Medarex for $2.4 billion
In an effort to boost its biologics pipeline, Bristol-Myers Squibb (BMS, New York, NY) will acquire Medarex (Princeton, NJ) for approximately $2.4 billion.
In an effort to boost its biologics pipeline, Bristol-Myers Squibb (BMS, New York, NY) will acquire Medarex (Princeton, NJ) for approximately $2.4 billion. With the acquisition of Medarex, BMS will gain rights to several biologics under development, access to two new technology platforms, and royalties for drugs already on the market.
BMS will gain rights to seven antibodies in clinical trials under Medarex’s sole sponsorship and three other antibodies being co-developed with other partners. It will also have rights to preclinical assets in various stages of development by Medarex, including the monoclonal antibody drug ipilimumab, currently in Phase 3 trials for metastatic melanoma and Phase 2 trials for lung cancer.
Besides a robust pipeline, BMS will have access to Medarex’s UltiMAb human antibody development system and next-generation antibody-drug conjugate (ADC) technology for use in immunology and oncology therapeutic areas. BMS will also get royalties based on a percentage of sales for Simponi, Stelara, and Ilaris, Medarex’s currently marketed therapies.
Under the terms of the definitive merger agreement, BMS will commence a cash tender offer on or about July 27, 2009, to purchase all of the outstanding shares of Medarex common stock for $16.00 per share in cash. The merger agreement contains a provision under which Medarex has agreed not to solicit any competing offers for the company.