Bristol-Myers to acquire Medarex for $2.4 billion

Bristol-Myers Squibb Company and Medarex, Inc have signed a definitive merger agreement providing for the acquisition of Medarex by Bristol-Myers Squibb, for $16 per share in cash. The transaction, with an aggregate purchase price of approximately $2.4 billion, has been unanimously approved by the boards of directors of both companies. Medarex's projected $300 million in net cash and marketable securities at closing would be an asset acquired by Bristol-Myers Squibb resulting in an implied purchase price of approximately $2.1 billion.

"Medarex's technology platform, people and pipeline provide a strong complement to our company's biologics strategy, specifically in immuno-oncology," said James M Cornelius, chairman and CEO, Bristol-Myers Squibb. "With its productive and proven antibody discovery capabilities, ability to generate interesting therapeutic programmes and unique set of pre-clinical and clinical assets in development, Medarex represents what we're looking for in terms of our String of Pearls strategy. This acquisition is another important step in our BioPharma transformation."