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Bristol-Myers Squibb to Acquire Medarex

By Donald Zuhn, Kevin Noonan, Chris Singer, Sherri Oslick, and Jason Derry

By Sherri Oslick -- On Wednesday Bristol-Myers Squibb and Medarex, Inc. announced that they have entered into a definitive merger agreement by which Bristol-Myers Squibb will acquire Medarex for $2.4 billion. With Medarex holding approximately $300 million in net cash and marketable securities, the purchase prices is effectively about $2.1 billion. Under the agreement, Bristol-Myers Squibb will commence a cash tender offer on or about July 27, 2009 to purchase all of the outstanding shares of common stock for $16.00 per share, and the companies expect the tender offer to close approximately 30 days after its commencement. Under the agreement,...

Full post as published by Patent Docs on July 24, 2009 (boomark / email).