Medarex
Bristol-Myers works out a $2.1 billion ‘in cash’ deal to acquire Medarex
Submitted by Amanda Lysak on Thu, 07/23/2009 - 06:10.
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.
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