Bristol-Myers Squibb began a $2.4 billion cash tender offer for Medarex Tuesday, continuing the trend of cash rich drug companies acquiring biotech firms that have promising treatments in development.
The purchase price equals $16 per share of Medarex stock, a 90 percent premium over the closing price of $8.40 right before the deal was announced on July 22; the share price was $15.90 yesterday. Medarex has an estimated $300 million in cash on hand, reducing Bristol-Myers’ net tab to $2.1 billion.
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