Bristol-Myers Squibb Extends Tender Offer For Medarex

Bristol-Myers Squibb has extended its previously announced cash tender offer, through its wholly-owned subsidiary Puma Acquisition Corporation (Puma), to purchase all outstanding shares of common stock of Medarex on August 26, 2009.

Reportely, the tender offer that was originally scheduled to expire on August 24, 2009 was extended, with the consent of Medarex, in connection with the parties reaching an agreement in principle to settle the legal proceedings pending in connection with the tender offer.

The depositary for the tender offer has advised Bristol-Myers Squibb that a total of approximately 11,576,506 shares of Medarex common stock were validly tendered and not validly withdrawn, representing approximately 8.7% of Medarex’s shares outstanding.

Moreover, upon the successful closing of the tender offer, shareholders of Medarex will receive $16 in cash for each share of Medarex common stock tendered in the tender offer, without interest and less any required with holding taxes.