Bristol-Myers Squibb extends Medarex tender offer

Bristol-Myers Squibb has extended its cash tender offer to purchase all outstanding shares of common stock of Medarex through its subsidiary the Puma Acquisition Corporation.

Unless it is extended further, the existing timeframe for the offer spans until midnight on August 26th 2009, the company confirmed.

This date was originally scheduled to expire two days before, but was recently extended with the consent of all parties in order to fully complete the legal aspect of the agreement.

Bristol-Myers Squibb has been advised by the depositary for the tender offer that, as of today, a total of 11,576,506 common stock Medarex shares have been validly tendered – accounting for around 8.7 per cent of the organisation’s outstanding shares.

Last month, Bristol-Myers Squibb revealed that its net sales for the second financial quarter of 2009 reached $5.38 billion (3.26 billion pounds) – representing an increase of three per cent on the same period of 2008.