By Ronda Fears
Memphis, April 7 - Medarex, Inc. raised $117.5 million from a follow-on offering of 10 million shares of common stock off the shelf priced at $11.75 each, discounted from Thursday's closing level of $12.28, via bookrunner Goldman, Sachs & Co. and joint lead manager J.P. Morgan Securities Inc.
The company plans to use proceeds for general corporate purposes, including the advancement of product candidates in clinical trials, the development of a commercialization infrastructure, capital expenditures and to meet working capital needs.
Princeton, N.J.-based Medarex is focused on human antibody-based therapeutic products. The company's UltiMAb human antibody development system enables the company to create and develop antibody products for a range of diseases, including cancer and rheumatoid arthritis, as well as for other inflammatory, autoimmune, and infectious diseases.
| Issuer: | Medarex, Inc.
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| Issue: | Follow-on stock offering
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| Gross proceeds: | $117.5 million
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| Net proceeds: | $111.3 million
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| Shares: | 10 million shares
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| Greenshoe: | 1.5 million shares
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| Price: | $11.75 per share
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| Bookrunner: | Goldman, Sachs & Co.
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| Joint lead manager: | J.P. Morgan Securities Inc.
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| Co-manager: | Janney Montgomery Scott LLC
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| Pricing date: | April 6
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| Settlement date: | April 12
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| Stock symbol: | Nasdaq: MEDX
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| Stock price: | $12.28 at close April 6
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