Bristol-Myers to Scoop Up Medarex for $2.4 Billion - Mergers and Aquisitions * US * News * Story

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Bristol-Myers to Scoop Up Medarex for $2.4 Billion

Published: Wednesday, 22 Jul 2009 | 7:51 PM ET

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By: Reuters

U.S. drugmaker Bristol-Myers Squibb late on Wednesday said it will pay $2.4 billion to acquire Medarex, a biotechnology company that is developing treatments for cancer and other diseases.

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The agreed offer of $16 a share represents a 90 percent premium to Medarex's closing share price on Wednesday of $8.40 per share on Nasdaq.

The deal could help Bristol-Myers regain its stature as one of the world's leading players in the oncology market. Medarex has developed mice with human immune systems that are able to generate fully human antibodies that can be used as drugs.

CNBC.com
After briefly being halted after markets closed Wednesday, Medarex shares, which finished the regular session at $8.40 [MEDX Loading... () ], catapulted 90 percent higher. Shares of Bristol-Myers [BMY Loading... () ] were also higher.

Click here for after-hours Medarex and Bristol-Myers stock quotes.

Topics:Stock Market | Mergers & Acquisitions

Sectors:Pharmaceuticals | Pharmaceuticals and Biotechnology

Companies:Medarex Inc | Bristol-Myers Squibb Co