Medarex Investor Sues Over $2B Bristol-Myers Sale

Law360, New York (July 27, 2009, 6:05 PM EDT) -- A Medarex Inc. investor has sued Medarex, its board of directors and Bristol-Myers Squibb Co., alleging that Bristol-Myers’ plans to acquire the biologics company in a $2.1 billion deal are both procedurally and financially unfair to shareholders.

Kenneth Blumberg filed a putative shareholder class action Thursday in the U.S. District Court for the District of New Jersey, alleging that Medarex and Bristol-Myers induced Medarex’s board of directors to breach its fiduciary duties to shareholders when they agreed to sell the company without engaging in a competitive...
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