Medarex tender offer for 2.25% convertibles expires; no notes tendered

By Devika Patel

Knoxville, Tenn., Oct. 26 - Medarex, Inc. said its offer to repurchase its 2.25% convertible senior notes due May 15, 2011 expired on Oct. 23 without any notes being tendered.

The notes were putable because of a change in control that resulted from the end of the initial offering period on Aug. 27 in the tender offer made by Bristol-Myers Squibb Co. and wholly owned subsidiary Puma Acquisition Corp. for all of Medarex's common stock.

Bristol-Myers Squibb completed the tender offer on Sept. 1 and, as a result, Medarex merged with Puma, with Medarex continuing as the surviving company and a wholly owned subsidiary of Bristol-Myers Squibb, a New York-based pharmaceutical company.

Medarex is a Princeton, N.J., biopharmaceutical company focused on cancer, inflammation, autoimmune disorders and infectious diseases.

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