Medarex calls all $147 million 4.25% convertibles

By Caroline Salls

Pittsburgh, Dec. 15 - Medarex Inc. said it will redeem all its $146.99 million outstanding 4.25% convertible senior notes due Aug. 15, 2010 on Jan. 14 at par plus a make-whole payment of about $48 per $1,000 principal amount of notes.

Holders may convert their notes prior to 5 p.m. ET on Jan. 13, 2005 into shares of Medarex common stock at a price of $6.72 per share, or 148.8261 shares plus a make-whole payment of about $85 per $1,000 principal amount of notes.

Upon completion of the redemption, Medarex's long-term debt will be reduced by about $147 million.

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

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