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Bristol-Myers Squibb Company (BMS), through its wholly-owned subsidiary Puma Acquisition Corporation, has commenced a cash tender offer to acquire all of the outstanding shares of Medarex, Inc. Both the companies are based in the US.
BMS is a pharmaceuticals company focused on cancer, cardiovascular, immunoscience, infectious diseases, and psychiatric disorders, while Medarex is a biopharmaceutical company focused on cancer, inflammation, and autoimmune disorders.
The tender offer is scheduled to expire on August 24, 2009, unless extended.
Announcement (July 22, 2009):
BMS has signed a definitive agreement to acquire all of the outstanding shares of Medarex at a price of $16 per share in cash. The transaction is valued at approximately $2,400 million.
The offer price represents a premium of 90% to Medarex's closing share price on July 21, 2009. The Board of Directors of both the companies have approved the transaction. The tender offer would expect to close in approximately 30 days after commencement of the tender offer.
JPMorgan Securities, Inc. is acting as financial advisor and Cravath, Swaine & Moore LLP is acting as legal advisor to BMS. Goldman, Sachs & Co. is acting as financial advisor and Covington & Burling LLP is acting as legal advisor to Medarex. Georgeson, Inc. is acting as information agent for BMS.
Deal Value (US$ Million) 2400 Deal Type Acquisition Sub-Category 100% Acquisition Deal Status Announced: 2009-07-22
Deal Participants
Target (Company) Medarex, Inc. Acquirer (Company) Bristol-Myers Squibb Company
Deal Rationale
The addition of Medarex's technology platform and pipeline would allow BMS to strengthen its position in biologics, specifically in immuno-oncology. BMS would gain access to Medarex's ultimAb human antibody development system, antibody-drug conjugate (ADC) technology, rights to seven antibodies in clinical trials under Medarex's sole sponsorship and three other antibodies being co-developed with other partners. In addition, BMS gains full ownership and rights to ipilimumab.
Bid Premium ($ per share) 90
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