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NEW YORK, NY, July 22, 2009 — Medarex and Bristol-Myers Squibb announced today that Bristol-Myers Squibb entered into an agreement for Bristol-Myers Squibb to acquire all of the outstanding stock and stock equivalents of Medarex for $16.00 in cash per share, or aggregate consideration of $2.4 billion. Covington & Burling LLP advised Medarex on the transaction.
Medarex is a biopharmaceutical company focused on the discovery, development and potential commercialization of fully human antibody-based therapeutics to treat life-threatening and debilitating diseases, including cancer, inflammation, autoimmune disorders and infectious diseases. Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to extend and enhance human life.
The New York and Washington based Covington team was led by corporate partners Scott Smith, John Hurvitz and Stephen Infante, with associates Donald Saelinger, Russell Valdez and Richard Kruger. Also advising on the transaction were partner Robert Newman and associate Austen Townsend (benefits), partner Corinne Goldstein (environmental), partner Scott Danzis and associate Laura Sim (food & drug), and partners Tom Barnett and James Dean (antitrust). In addition, partner Rob Heller advised on tax aspects, and partner Lee Tiedrich provided IP advice, along with associate Jessica Milner.