Medarex says all $147 million 4.25% notes converted ahead of redemption

By Caroline Salls

Pittsburgh, Jan. 14 - Medarex Inc. said holders of all $147 million outstanding 4.25% convertible senior notes due Aug. 15, 2010 elected to convert their notes into 21,875,353 shares of Medarex common stock prior to the Jan. 14 redemption date.

In connection with the redemption, Medarex paid $12.5 million in cash, including make-whole payments and cash paid in lieu of fractional shares.

With the conversion, 107.549 million shares of Medarex common stock will be outstanding.

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

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