Medarex launches follow-on of 10 million shares via Goldman, J.P. Morgan

By Ronda Fears

Memphis, April 3 - Medarex, Inc. announced plans for a follow-on offering of 10 million shares of common stock off the shelf via bookrunner Goldman, Sachs & Co. and joint lead manager J.P. Morgan Securities Inc.

There is a greenshoe of 1.5 million shares available.

Princeton, N.J.-based Medarex said proceeds would be used to continue the development progress of its product candidates and research programs toward commercialization and for general corporate purposes.

Medarex is focused on fully human antibody-based therapeutics to treat cancer, inflammation, autoimmune disorders and infectious diseases using its UltiMAb technology. Thirty-one product candidates are in human clinical testing or have had Investigational New Drug applications submitted for such trials, with the four most advanced candidates now in phase 3 clinical trials.

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