By Sheri Kasprzak
Atlanta, Nov. 8 - Medarex Inc. received $50 million up front as part of a licensing agreement with Bristol-Myers Squibb Co., the companies announced Monday morning.
Bristol-Myers agreed to make an initial cash payment of $25 million and will also buy 2,879,223 shares of Medarex at $8.6829 per share. The shares will be issued in a private placement, according to an 8-K filed with the Securities and Exchange Commission.
If all regulatory milestones are met, Medarex could get up to $205 million from Bristol-Myers, plus an additional $275 million in sales-related milestones.
The deal is part of a collaboration and licensing agreement for Medarex's MDX-010, a human antibody under investigation for the treatment of cancers and other diseases.
The agreement also grants Bristol-Myers a license to MDX-1379, a peptide vaccine to be used with MDX-010 to treat metastatic melanoma.
Based in Princeton, N.J., Medarex is a biopharmaceutical company.
| Issuer: | Medarex Inc.
|
| Issue: | Stock
|
| Amount: | $25 million
|
| Shares: | 2,879,223
|
| Price: | $8.6829
|
| Warrants: | No
|
| Investor: | Bristol-Myers Squibb Co.
|
| Announcement date: | Nov. 8
|
| Settlement date: | Nov. 7
|
| Stock price: | $8.39 at close Nov. 5
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
