Drugmaker Bristol Myers Squibb says to buy Medarex for $2.1B in cash
By APThursday, July 23, 2009
Bristol Myers says to buy Medarex for $2.1B
NEW YORK — Drugmaker Bristol-Myers Squibb Co. said Wednesday it is buying Medarex Inc. for about $2.1 billion in cash.
New York-based Bristol-Myers it will pay $16.00 a share for Medarex, based in Princeton, N.J.
“Medarex’s technology platform, people and pipeline provide a strong complement to our company’s biologics strategy, specifically in immuno-oncology,” Bristol Myers’ CEO James Cornelius said in a statement.
Just last month, shares in Medarex surged after an unusual report that two men in a study of its experimental prostate cancer drug had their tumors shrink dramatically.
Bristol Myers noted that it will acquire full ownership and rights to the drug, ipilimumab, as part of the deal. It said the drug, if approved, could be an important contributor to Bristol-Myers Squibb’s future growth.
Tags: New York, North America, Ownership Changes, United States
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July 25, 2009: 6:51 pm
Medarex shareholders have taken extrordinary risks over the years with this company. Now that Medarex is about to capitalize on its pipeline, BMS is offering medarex shareholders a fraction of what this company is truly worth Considering the long-term benefits to BMS and the fact that Ulti-mab antibody platform is the Gold Standard in human antibody technology, it is clear to me that Medarex Management should have attempted to obtain a better price for their shareholders. Depending on many factor BMS stands to make between 6 and 10 billion dollars and possibly more over the next decade, as antibodies generated by medarex technology achieve market status. The fact that Mr. Pien, current Medarex CEO isgoing to be paid a muti-million dollar bonus is very disconcerting outrage as well.Medarex shareholders can do better than this |
James