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Home Industry News Bristol-Myers Squibb initiates offer to purchase Medarex

Bristol-Myers Squibb initiates offer to purchase Medarex

29th July 2009

Bristol-Myers Squibb has begun a cash tender offer to acquire all outstanding shares of common stock in Medarex, it has announced.

When the transaction – which has been undertaken through the firm’s wholly-owned subsidiary Puma Acquisition Corporation – is completed, Medarex shareholders will receive $16 (9.73 pounds) in cash for every share they own.

Both firms have filed the appropriate paperwork regarding the deal with the Securities and Exchange Commission.

The tender offer will expire on Monday August 24th unless it is extended in accordance with the rules of the agreement.

“Medarex’s board of directors has unanimously concluded that the merger agreement and its related transactions (including the tender offer and the merger) are advisable, fair and in the best interests of Medarex and its shareholders,” Bristol-Myers Squibb said.

Speaking earlier this month, when the acquisition was first announced, James Cornelius, chairman and chief executive of Bristol-Myers Squibb, said the firm’s people, pipeline and technology platform would be a “strong complement” to the organisation.

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