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...And Bristol-Myers Squibb’s $2.4bn acquisition of Medarex in 2009 turned it into a leader in the hot field of cancer immunotherapy. Not all transactions stand the test of time, however....
...“The ideas bounced around for years but there were no believers,” recalls Tom Davis, who was director of clinical science at Medarex and is now at Celldex, another biotech company....
...Meanwhile, GSK’s US rival Bristol-Myers Squibb said it would pay $2.4bn to acquire Medarex, a biotechnology company that has been helping it develop a melanoma treatment....
...Bristol-Myers rose 2.8 per cent to $20.86 and Medarex soared 89.2 per cent to $15.89....
...Oxford Biotherapeutics already has development deals with companies that engineer these antibodies, including Amgen, Medarex and Biosite....
...Our US partner, Medarex, which still does not have a product commercially available, listed 10 years ago."...
...Last year, Pfizer did a deal worth up to $510 with Medarex to develop up to 50 new antibodies over 10 years, while AstraZeneca bought a 20 per cent stake in Cambridge Antibody Technology for £75m in an alliance...
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