Medarex to call 4.5% convertible subordinated notes

Pittsburgh, May 27 - Medarex Inc. will redeem all of its outstanding 4.5% convertible subordinated notes due 2005 at a price of 101.8% of par plus accrued and unpaid interest on June 30.

The par amount of notes remaining to be redeemed is $76.3 million.

Up to the close of business, holders can convert their notes to stock at a conversion price of $28.84 per share. Medarex stock closed at $8.54 Thursday.

Medarex is a Princeton, N.J.-based biopharmaceutical company.

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