Medarex to repurchase, redeem 4.5% convertibles

New York, April 26 - Medarex Inc. said it plans to repurchase or redeem all or part of its 4.5% convertible subordinated notes due 2006 using proceeds from a planned $125 million offering of new convertible senior notes.

Any proceeds not used to buy back the old convertibles will be used for general corporate purposes.

The Princeton, N.J., biopharmaceutical company had $142 million of the 4.5% convertibles outstanding as of Feb. 27, according to its most recent 10-K filing with the Securities and Exchange Commission.

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