Bristol-Myers To Purchase Medarex For $2.1B

Law360, New York (July 23, 2009, 4:22 PM EDT) -- In an effort to secure a top position in the biologics industry, Bristol-Myers Squibb Co. has agreed to buy Medarex Inc., which develops human antibody-based therapeutics to treat life-threatening diseases, in a $2.1 billion deal that gives the drug giant full ownership rights to a promising treatment for melanoma.

The boards of directors at both drugmakers have unanimously approved a merger agreement providing for the acquisition of Medarex by Bristol-Myers for $16 per share in cash, Bristol-Myers announced Wednesday.

The total purchase price is $2.4 billion,...
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