In the most recent run of biotechnology acquisitions by Bristol-Myers Squibb Co., the New York-based drugmaker announced on Wednesday that it has worked out a nearly $2.1 billion 'in cash' deal for the Princeton, New Jersey-based Medarex.

Under the terms of the buyout agreement - which is apparently Bristol-Myers' attempt at doubling its channel of experimental biological drugs - Bristol-Myers will pay Medarex $16 per share. The price is a whopping 90 percent premium over Medarex's Wednesday closing price of $8.40 per share.