tag:blogger.com,1999:blog-2188044719965093661.post3269609859330610621..comments2023-10-25T11:49:37.158-04:00Comments on Freewilly's Stockpicker Blog ® ™: The Flyers method - mucking and grinding and fighting for gainsFreewillyhttp://www.blogger.com/profile/10417175104991814047noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2188044719965093661.post-15824558176205622452009-07-22T22:07:56.903-04:002009-07-22T22:07:56.903-04:00Some quick add-on news to my trade on Bristol-Myer...Some quick add-on news to my trade on Bristol-Myers......... the next day<br /><br />Jul 22, 2009, 7:54 p.m. EST<br /><br />Bristol-Myers to buy Medarex for $16 a share cash<br />Deal values Medarex at almost double its Wednesday close.<br />Medarex's projected $300 million in net cash and marketable securities at the close of the deal would knock the final price down to $2.1 billion. <br /><br />Among the properties acquired in the merger is ipilimumab, a novel immunotherapy currently in Phase III development for the treatment of metastatic melanoma, which Bristol-Myers said could be "an important contributor to [its] future growth." <br /><br />"Medarex's technology platform, people and pipeline provide a strong complement to our company's biologics strategy," Bristol-Myers Chairman and Chief Executive James Cornelius said in a statement. "This acquisition is another important step in our BioPharma transformation." <br /><br />The tender for the shares will begin on or about July 27, with the deal expected to close 30 days later, pending regulatory approval. <br /><br />Shares of Bristol-Myers /quotes/comstock/13*!bmy/quotes/nls/bmy (BMY 20.59, +0.30, +1.48%) closed up 0.9% at $20.29 Wednesday, while those of Medarex /quotes/comstock/15*!medx/quotes/nls/medx (MEDX 15.95, +7.55, +89.88%) were up 1.45% at $8.40. <br /><br />The announcement came one day before Bristol-Myers was slated to announce its financial results for the second quarter. The company is projected to post earnings of 47 cents a share.Freewillyhttps://www.blogger.com/profile/10417175104991814047noreply@blogger.com