Bristol-Myers Squibb completes $16-per-share purchase of Medarex

By Lisa Kerner

Charlotte, N.C., Sept. 1 - Bristol-Myers Squibb Co. completed its acquisition of Medarex, Inc. via a short-form merger on Tuesday.

On Monday, Bristol-Myers Squibb completed its subsequent offering period for Medarex shares.

Medarex shareholders tendered approximately 120,417,467 shares, boosting Bristol-Myers Squibb's ownership to 90.7% of Medarex's stock, according to a Bristol-Myers Squibb news release.

Each remaining share of Medarex common stock was converted into the right to receive $16 per share in cash, without interest and less any required withholding taxes.

Medarex will operate as a wholly owned subsidiary of Bristol-Myers Squibb, and its common stock will no longer trade on Nasdaq.

As previously reported, Bristol-Myers Squibb agreed to acquire Medarex for approximately $2.4 billion, including Medarex's projected $300 million in net cash and marketable securities.

Bristol-Myers Squibb and Medarex are biopharmaceutical companies based in New York and Princeton, N.J., respectively.

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