I believe, BMS now has the the Monopoly on Anti-CTLA-4 monoclonal antibodies. BMS wants it all. Greed at its finest.
"What sets us(BMS) apart?" Greed!!!!!!!!
And what does Bristol-Myers Squibb say:
"What sets us apart? We believe it's our commitment to patients with serious diseases, our focus on finding innovative medicines that combat those diseases, and our dedication to extending and enhancing human life.”
This is nice PR, but if you don’t walk the walk and it is all talk, then it means NOTHING!!!!!!!
Source:http://www.medarex.com/cgi-local/item.pl/20090722-1310338
Positions Bristol-Myers Squibb for Long-Term Leadership in Biologics Acquires Proven Antibody Discovery Technology Gains Full Rights to Promising Phase III Compound, Ipilimumab Significantly Expands Oncology and Immunology Pipeline
NEW YORK & PRINCETON, N.J.--(BUSINESS WIRE)--Jul. 22, 2009--
Bristol-Myers Squibb Company (NYSE:BMY) and Medarex, Inc. (NASDAQ: MEDX) announced
today that the companies have signed a definitive merger agreement
providing for the acquisition of Medarex by Bristol-Myers Squibb, for
$16.00 per share in cash. The transaction, with an aggregate purchase
price of approximately $2.4 billion, has been unanimously approved by
the boards of directors of both companies. Medarex's projected $300
million in net cash and marketable securities at closing would be an
asset acquired by Bristol-Myers Squibb resulting in an implied purchase
price of approximately $2.1 billion.
The Board must have deep pockets!!!!!!!!!!!!!!!! What is their cut??
"Medarex's technology platform, people and pipeline provide a strong
complement to our company's biologics strategy, specifically in
immuno-oncology," said James
M. Cornelius, chairman and chief executive officer, Bristol-Myers
Squibb. "With its productive and proven antibody discovery capabilities,
ability to generate interesting therapeutic programs and unique set of
pre-clinical and clinical assets in development, Medarex represents what
we're looking for in terms of our String
of Pearls strategy. This acquisition is another important step in
our BioPharma transformation."
"We believe that this combination with Bristol-Myers Squibb, a global
leader in oncology, provides an excellent opportunity to realize the
full potential of Medarex's development portfolio and our UltiMAb(R)
technology platform through a transaction which also provides an
attractive valuation for our shareholders," said Howard H. Pien,
chairman and chief executive officer, Medarex. "Medarex has evolved
significantly over the past two decades from a research platform to a
development company. We believe that this transaction represents a great
opportunity to place our clinical programs and technology assets in the
hands of one of the world's premier biopharmaceutical companies with the
expertise, resources, motivation and dedication to bring innovative
cancer treatment options to patients in need."
Bristol-Myers Squibb gains the following as a result of the acquisition:
Medarex's UltiMAb Human Antibody Development System(R), which produces
high affinity, fully human antibodies for use in a broad range of
therapeutic areas, including immunology and oncology. This validated
technology platform has produced compounds which are now currently
marketed therapies (SIMPONI(TM), STELARA(TM) and ILARIS(R)).
Medarex's next-generation Antibody-Drug Conjugate (ADC) technology,
which is a novel and proprietary platform that could open new fields
in oncology drug development.
Rights to seven antibodies in clinical trials under Medarex's sole
sponsorship and three other antibodies being co-developed with other
partners. Rights to pre-clinical assets in various stages of
development by Medarex -- in particular, monoclonal antibodies focused
in oncology and immunology.
Full ownership and rights to ipilimumab, which, if approved, could be
an important contributor to Bristol-Myers Squibb's future growth. The
companies have collaborated on the development of ipilimumab, a novel
immunotherapy currently in Phase III development for the treatment of
metastatic melanoma. The companies also have an ongoing Phase II study
in lung cancer as well as Phase III studies in adjuvant melanoma and
hormone-refractory prostate cancer.
Royalties based on percentage of sales for SIMPONI(TM), STELARA(TM) and
ILARIS(R).
"We welcome the opportunity to further collaborate with the Medarex
scientific leadership," said Elliott Sigal, M.D., Ph.D., executive vice
president and president, research and development at Bristol-Myers
Squibb. "In addition to our Adnexus team, which has been expanded since
it was acquired in 2007, Medarex scientists will help us create an
industry-leading biologics capability. We believe Medarex's antibody
generation expertise, located in California and New Jersey, will
complement our existing biologics efforts with a dedicated discovery and
development capability in immuno-oncology."
Under the terms of the definitive merger agreement, Bristol-Myers Squibb
will commence a cash tender offer on or about July 27, 2009 to purchase
all of the outstanding shares of Medarex common stock for $16.00 per
share in cash. The closing of the tender offer is subject to customary
terms and conditions, including the tender of a number of shares that,
together with the number of shares already owned by Bristol-Myers
Squibb, constitutes at least a majority of Medarex's outstanding shares
of common stock (on a fully diluted basis) and expiration or termination
of the waiting period under the Hart Scott Rodino Antitrust Improvement
Act. The agreement also provides for the parties to effect, subject to
customary conditions, a merger to be completed following the completion
of the tender offer which would result in all shares not tendered in the
tender offer being converted into the right to received $16.00 per share
in cash. The merger agreement contains a provision under which Medarex
has agreed not to solicit any competing offers for the company.
Bristol-Myers Squibb will finance the acquisition from its existing cash
resources. The companies expect the tender offer to close in
approximately thirty (30) days after commencement of the tender offer.
JPMorgan Securities, Inc. is serving as financial advisor to
Bristol-Myers Squibb in connection with the acquisition, and
Bristol-Myers Squibb is represented by Cravath, Swaine & Moore LLP, New
York, New York. Goldman, Sachs & Co. is serving as financial advisor to
Medarex in connection with the acquisition, and Medarex is represented
by Covington & Burling LLP, New York, New York.
About Bristol-Myers Squibb
Bristol-Myers Squibb is a global biopharmaceutical company whose mission
is to extend and enhance human life. For more information visit www.bms.com.
Take Care,
Jimmy B
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