Bristol-Myers Squibb and Medarex to merge

Bristol-Myers Squibb is set to acquire Medarex, the two organisations have announced.

The transaction, which has been unanimously approved by the board of directors of both firms, will see Bristol-Myers Squibb pay $16 (9.71 pounds) for each share in Medarex, equating to an aggregate purchase price of $2.4 billion.

James Cornelius, chairman and chief executive at Bristol-Myers Squibb, said that Medarex’s pipeline, people and technology platform will augment the firm’s biologics strategy – especially in the field of immuno-oncology.

Howard Pien, chairman and chief executive officer of Medarex, added: “We believe that this combination with Bristol-Myers Squibb, a global leader in oncology, provides an excellent opportunity to realise the full potential of Medarex’s development portfolio and our UltiMAb technology platform.”

Under the terms of the agreement, Bristol-Myers Squibb will commence a cash tender offer for Medarex on or around July 27th 2009.

Earlier this month, Bristol-Myers Squibb launched a new website for chronic myeloid leukaemia patients called MyCMLCare.com.