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Company said Thursday it completed its initial tender offer for shares of Medarex Inc., a rival it agreed to buy for $2.1 billion.
http://www.manufacturing.net/News-Bristol-Myers-Completes-Initial-Offer-For-Medarex-082709.aspx
A global biopharmaceutical company has completed its tender offer of all outstanding common stock of another company.
Human Genome Sciences (HGS) has reported the publication of the results of primary endpoint of two pivotal phase 3 clinical trials of Benlysta (belimumab) in serologically active patients with SLE. The article was pubished by the journal Arthritis Care & Research.
http://www.pharmaceutical-business-review.com/news/hgs_presents_results_for_lupus_trial_090904
News and press releases from the pharmaceutical industry. Comprehensive news coverage for the pharmaceutical sector from PharmiWeb.com
http://www.pharmiweb.com/pressreleases/pressrel.asp?ROW_ID=7698
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Oct 29, 2009 (Close-Up Media via COMTEX) --
Medarex, Inc., a subsidiary of Bristol-Myers Squibb Company has announced that its offer to repurchase its 2.25 percent Convertible Senior Notes due May 15, 2011 expired on October 23, pursuant to terms of the notice of change in control to holders of the Convertible Notes dated September 23.
The trustee for the Convertible Notes has advised Medarex that no Convertible Notes were tendered in the offer to repurchase.
((Comments on this story may be sent to health@closeupmedia.com))
Tags: health
Companies: Bristol-Myers Squibb Co. (BMY), Medarex, Inc. (MEDX)
NEW YORK, Oct 26, 2009 (BUSINESS WIRE) --
Medarex, Inc., a wholly owned subsidiary of Bristol-Myers Squibb Company (NYSE: BMY), announced today that its offer to repurchase its 2.25% Convertible Senior Notes due May 15, 2011 (the "Convertible Notes") expired on October 23, 2009 pursuant to terms of the notice of change in control to holders of the Convertible Notes dated September 23, 2009.
The trustee for the Convertible Notes has advised Medarex that no Convertible Notes were tendered in the offer to repurchase.
About Bristol-Myers Squibb
Bristol-Myers Squibb is a global biopharmaceutical company committed to discovering, developing and delivering innovative medicines that help patients prevail over serious diseases. For more information, please visit www.bms.com.
This press release is neither an offer to purchase nor a solicitation of an offer to sell the Convertible Notes of Medarex.
SOURCE: Bristol-Myers Squibb Company
Bristol-Myers Squibb Media: Brian Henry, 609-252-3337 brian.henry@bms.com or Investors: John Elicker, 609-252-4611 john.elicker@bms.com
Tags: nyse
Companies: Bristol-Myers Squibb Co. (BMY), Medarex, Inc. (MEDX)
Aug 28, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --
Update on August 26, 2009:
Bristol-Myers Squibb Company (BMS), through its wholly owned subsidiary Puma Acquisition Corporation, has completed its initial tender offer to acquire all of the outstanding shares of Medarex, Inc. Both the companies are based in the US.
BMS is a pharmaceuticals company focused on cancer, cardiovascular, immunoscience, infectious diseases, and psychiatric disorders, while Medarex is a biopharmaceutical company focused on cancer, inflammation, and autoimmune disorders.
A total of approximately 119,012,034 shares of Medarex common stock (including approximately 9,146,328 shares subject to guaranteed delivery procedures), representing approximately 87.7% of the Medarex's outstanding shares, had been tendered pursuant to the offer.
BMS has commenced a subsequent offering to the acquire the remaining shares of Medarex. The subsequent offering period will expire on August 31, 2009, unless extended.
Update on August 20, 2009:
BMS has extended its offer period to acquire all of the outstanding shares of Medarex until August 26, 2009, unless further extended.
The tender offer was originally scheduled to expire on August 24, 2009 was extended, with the consent of Medarex, in connection with the parties reaching an agreement in principle to settle the legal proceedings pending in connection with the tender offer.
A total of approximately 11,576,506 shares of Medarex common stock were validly tendered and not validly withdrawn, representing approximately 8.7% of Medarex's shares outstanding.
Update on August 12, 2009:
BMS has announced that the Hart-Scott-Rodino (HSR) review period for its tender offer for Medarex has expired.
Update on July 28, 2009:
BMS, through its wholly-owned subsidiary Puma Acquisition Corporation, has commenced a cash tender offer to acquire all of the outstanding shares of Medarex.
The tender offer is scheduled to expire on August 24, 2009, unless extended.
Announcement (July 22, 2009):
BMS has signed a definitive agreement to acquire all of the outstanding shares of Medarex at a price of $16 per share in cash. The transaction is valued at approximately $2,400 million.
The offer price represents a premium of 90% to Medarex's closing share price on July 21, 2009. The Board of Directors of both the companies have approved the transaction. The tender offer would expect to close in approximately 30 days after commencement of the tender offer.
JPMorgan Securities, Inc. is acting as financial advisor and Cravath, Swaine & Moore LLP is acting as legal advisor to BMS. Goldman, Sachs & Co. is acting as financial advisor and Covington & Burling LLP is acting as legal advisor to Medarex. Georgeson, Inc. is acting as information agent for BMS.
Deal Value (US$ Million) 2400 Deal Type Acquisition Sub-Category 100% Acquisition Deal Status Announced: 2009-07-22
Deal Participants
Target (Company) Medarex, Inc. Acquirer (Company) Bristol-Myers Squibb Company
Deal Rationale
The addition of Medarex's technology platform and pipeline would allow BMS to strengthen its position in biologics, specifically in immuno-oncology. BMS would gain access to Medarex's ultimAb human antibody development system, antibody-drug conjugate (ADC) technology, rights to seven antibodies in clinical trials under Medarex's sole sponsorship and three other antibodies being co-developed with other partners. In addition, BMS gains full ownership and rights to ipilimumab.
Bid Premium ($ per share) 90
Tags: acquisition advisor cancer cardiovascular clinical health legal pharmaceuticals pipeline securities technology
Companies: Bristol-Myers Squibb Co. (BMY), Medarex, Inc. (MEDX)
Sep 04, 2009 (Close-Up Media via COMTEX) --
Bristol-Myers Squibb Company announced that it has completed its previously announced $2.4 billion acquisition of Medarex, Inc.
As a result of the transaction, Medarex has become a subsidiary of Bristol-Myers Squibb.
According to a release, Bristol-Myers Squibb initiated on July 28, a cash tender offer to purchase all outstanding shares of common stock of Medarex for $16.00 per share. The tender offer period expired at midnight (New York City time) on August 26, and the subsequent offering period relating to the tender offer expired at midnight (New York City time) on August 31, at which time shareholders of Medarex had tendered in aggregate approximately 120,417,467 shares of Medarex common stock which, together with the 2,879,223 shares of Medarex common stock owned by Bristol-Myers Squibb since January 2005, represented approximately 90.7 percent of the Medarex shares outstanding.
Today, Bristol-Myers Squibb acquired all of the remaining outstanding shares of Medarex common stock by means of a "short form merger" in which all such shares were converted into the right to receive $16.00 per share, in cash and without interest, less any required withholding taxes.
((Comments on this story may be sent to health@closeupmedia.com))
Tags: acquisition health new_york taxes
Companies: Bristol-Myers Squibb Co. (BMY), Medarex, Inc. (MEDX)
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...Top-line data indicate statistically significant improvement in ACR20 ... ...PRINCETON N.J. May 14 /- Medarex Inc. (Nasda... ...,Medarex,Announces,Primary,Endpoint,Achieved,in,MDX-1100,Anti-IP-10,Antibody,Phase,2,Trial,for,Rheumatoid,Arthritis,medicine,advanced medical technology,medical
Overview Avalon Pharmaceuticals is a biopharmaceutical company focused on the discovery, development and commercialization of first-in-class cancer therapeutics. Our lead product candidate, AVN944, an IMPDH inhibitor, is in Phase II clinical development.
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http://www.holdrs.com/holdrs/main/index.asp?Action=Headlines&Description=&Image=&symb=MEDX&sid=7753
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