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Penn Bioinvestor
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I have extensive knowledge on drug discovery, also I am interested in fundamental analysis of biotech/pharma stocks. See Seeking Alpha's policy on anonymous authors: http://seekingalpha.com/article/69847-seeking-alpha-policy-on-anonymous-authorship
  • BMY to acquire MEDX 0 comments
    Jul 22, 2009 10:44 PM | about stocks: MEDX, BMY

    Biotech has a wave of rally going on after a pleasant surprise from HGSI on its phase III clinical trial on Lupus drug. Today in after hour, news was out that BMY will buy MEDX, a long term partner, for $16/share (MEDX closed the day at $8.4/share). This will for sure spur another round of speculative rally.

    Bristol-Myers Squibb to Acquire Medarex

    • Positions Bristol-Myers Squibb for Long-Term Leadership in Biologics
    • Acquires Proven Antibody Discovery Technology
    • Gains Full Rights to Promising Phase III Compound, Ipilimumab
    • Significantly Expands Oncology and Immunology Pipeline

    NEW YORK & PRINCETON, N.J.--(BUSINESS WIRE)--Bristol-Myers Squibb Company (NYSE:BMY) and Medarex, Inc. (NASDAQ: MEDX) announced today that the companies have signed a definitive merger agreement providing for the acquisition of Medarex by Bristol-Myers Squibb, for $16.00 per share in cash. The transaction, with an aggregate purchase price of approximately $2.4 billion, has been unanimously approved by the boards of directors of both companies. Medarex’s projected $300 million in net cash and marketable securities at closing would be an asset acquired by Bristol-Myers Squibb resulting in an implied purchase price of approximately $2.1 billion.

    Stocks: MEDX, BMY
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