8-KOther EventsExhibits & Filings

BRISTOL MYERS SQUIBB CO 8-K Report, Corporate Update (Sep 2, 2009)

Filed September 2, 2009For Securities:BMYCELG-RIBMYMP

Summary

Bristol-Myers Squibb Company (BMY) announced on September 1, 2009, the successful completion of its acquisition of Medarex, Inc. This strategic move, executed through a two-step transaction involving a cash tender offer and a subsequent merger, significantly expands BMY's capabilities in the biotechnology sector, particularly in the development of antibody-based therapeutics. The acquisition of Medarex, for which BMY paid $16.00 per share, is expected to bolster the company's pipeline and long-term growth prospects. This acquisition represents a key step for Bristol-Myers Squibb in strengthening its position in the competitive pharmaceutical landscape. The integration of Medarex's innovative technology and drug development assets is anticipated to accelerate the advancement of new therapies and enhance the company's research and development power. Investors should view this as a significant investment aimed at driving future revenue and market share in critical therapeutic areas.

Key Highlights

  • 1Bristol-Myers Squibb Company (BMY) completed the acquisition of Medarex, Inc. on September 1, 2009.
  • 2The acquisition was structured as a two-step transaction, including a cash tender offer followed by a merger.
  • 3BMY's wholly-owned subsidiary, Puma Acquisition Corporation, was the acquiring entity.
  • 4The tender offer price was $16.00 per share in cash for all outstanding Medarex common stock not already owned by BMY.
  • 5This acquisition is expected to enhance BMY's capabilities in antibody-based therapeutics and biotechnology.
  • 6The press release detailing the acquisition completion is attached as Exhibit 99.1 to the 8-K filing.

Frequently Asked Questions

Bristol-Myers Squibb acquired Medarex, Inc. to enhance its capabilities in the biotechnology sector, particularly in the development of antibody-based therapeutics. This strategic move aims to strengthen its research and development pipeline and accelerate the advancement of new therapies.

Bristol-Myers Squibb acquired Medarex at a price of $16.00 per share in cash for all outstanding common stock not already owned by the company and its subsidiaries.

The acquisition was completed through a two-step transaction. First, a cash tender offer was made by BMY's subsidiary, Puma Acquisition Corporation, for Medarex shares. This was followed by a merger of Puma Acquisition Corporation with and into Medarex.

The acquisition of Medarex is expected to significantly bolster Bristol-Myers Squibb's pipeline and long-term growth prospects by integrating Medarex's innovative technology and drug development assets, particularly in antibody-based therapies.