By Sheri Kasprzak
Atlanta, Nov. 8 - Medarex Inc. received $50 million up front as part of a licensing agreement with Bristol-Myers Squibb Co., the companies announced Monday morning.
Bristol-Myers agreed to make an initial cash payment of $25 million and will also buy 2,879,223 shares of Medarex at $8.6829 per share. The shares will be issued in a private placement, according to an 8-K filed with the Securities and Exchange Commission.
If all regulatory milestones are met, Medarex could get up to $205 million from Bristol-Myers, plus an additional $275 million in sales-related milestones.
The deal is part of a collaboration and licensing agreement for Medarex's MDX-010, a human antibody under investigation for the treatment of cancers and other diseases.
The agreement also grants Bristol-Myers a license to MDX-1379, a peptide vaccine to be used with MDX-010 to treat metastatic melanoma.
Based in Princeton, N.J., Medarex is a biopharmaceutical company.
Issuer: | Medarex Inc.
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Issue: | Stock
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Amount: | $25 million
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Shares: | 2,879,223
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Price: | $8.6829
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Warrants: | No
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Investor: | Bristol-Myers Squibb Co.
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Announcement date: | Nov. 8
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Settlement date: | Nov. 7
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Stock price: | $8.39 at close Nov. 5
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